Correct. The GRAVAL PTE. LTD. (201006641K) is registered and in bad standing currently.
They can change it to whatever they want, doesn't mean its operating correctly.
We use to give Josh Garza and Carmelo Milan grief over the needed money exchange licencing needed to operate.

Singapore is the same.
http://www.mas.gov.sg/news-and-publications/media-releases/2014/mas-to-regulate-virtual-currency-intermediaries-for-money-laundering-and-terrorist-financing-risks.aspx
"Singapore, 13 March 2014 … The Monetary Authority of Singapore (MAS) said today that it will regulate virtual currency intermediaries in Singapore to address potential money laundering and terrorist financing (ML/TF) risks..."

http://www.mas.gov.sg/regulations-and-financial-stability/regulations-guidance-and-licensing/money-changing-and-remittance-businesses.aspx
"Money-changing involves the buying and selling of foreign currency notes and may be conducted under a sole proprietorship, partnership or company.  The money-changing licensees are expected to put in place an appropriate system, including the reporting of suspicious transactions, to help prevent money laundering and terrorist financing. They are required to keep complete records of all their transactions and perform relevant customer due diligence measures for transaction amounts of S$5,000 and above.

The holder of a remittance licence has to be incorporated as a company with a minimum capital of S$100,000 and furnish a security deposit of S$100,000 in respect of its place of business. With the different remittance channels including banks, offering remittance services, customers are expected to exercise discretion in choosing their remittance channel for the transmission of funds overseas.  Besides putting in place an effective system, including the reporting of suspicious transactions, to help prevent money laundering and terrorist financing, the remittance licensees are required to maintain complete records of all their transactions and perform relevant customer due diligence measures for every remittance transaction.

MAS supervises the money-changing and remittance licensees primarily for anti-money laundering and countering the financing of terrorism purposes."

With the operating funds raised and the ION teams lack of information.
I'll assume they're not operating the company under the legal requirements.
Instead of waiting to here from the ION team or Adam about. I emailed MAS the inquiry since it states at the end of the page...

"If you have information to suspect that an individual or a company is conducting or advertising to conduct money-changing or remittance business without a valid money-changer’s or  remittance licence respectively, you can call (65)-6225-5577 or write to the Banking Department II of MAS at webmaster@mas.gov.sg or Monetary Authority of Singapore, MAS Building, 10 Shenton Way, Singapore 079117."