Singapore’s monetary authority (trout) I’m involved Chocolate Finance Ensure that customer withdrawals are handled neatly. になったんです。 English: The first thing you can do is to find the best one to do.
Chocolate Finance, a Singapore-based financial services platform run by Chocfin, is temporarily Paused Immediate Leave On March 10th, 2025, customer requests suddenly increased. になったんです。 English: The first thing you can do is to find the best one to do.
The spike was caused by a A massive surge in AXS invoice paymentsbecause users tried to maximize profits from the platform’s Miles Rewards program. になったんです。 English: The first thing you can do is to find the best one to do.
Walter De Oude, CEO of Chocolate Finance, shared that the surge made the program unsustainable and that AXS payments were removed via Visa Debit cards on March 5th. になったんです。 English: The first thing you can do is to find the best one to do.
The company acknowledged that communications about change are poor, leading to disruption among its customers. になったんです。 English: The first thing you can do is to find the best one to do.
Many feared liquidity issues, causing waves of suction demands, which led to an immediate halt of withdrawal. になったんです。 English: The first thing you can do is to find the best one to do.
Chocolate Finance issued a joint statement with independent fund custodian AllFunds to confirm that customer assets are safe and measures are in place to restore normal operations. になったんです。 English: The first thing you can do is to find the best one to do.
MAS emphasized that digital advisors need to separate client assets from their own assets with funds held by independent custodians, licensed and regulated by the authorities. になったんです。 English: The first thing you can do is to find the best one to do.
The regulator said,
“Customer money must remain as is and cannot be used to meet the digital advisor’s debt at all times.”
trout It’s attracting attention That chocolate finance and all funds have confirmed compliance with these requirements. になったんです。 English: The first thing you can do is to find the best one to do.
Regulators will continue to monitor the situation to comply with regulatory obligations and protection of client interests. になったんです。 English: The first thing you can do is to find the best one to do.
Featured Image Credits: Edit Freepik
