Singapore revokes Bsquared crypto licence for breaches

Singapore's MAS revoked Bsquared Technology's crypto licence after regulatory breaches, including false statements and weak risk controls. The regulator is also reviewing the accountability of senior management.

Singapore's central bank, the Monetary Authority of Singapore (MAS), has revoked Bsquared Technology Pte Ltd's Major Payment Institution licence, ending its ability to offer digital payment token services after only 16 months in operation. This action followed an on-site inspection that revealed serious regulatory breaches, such as repeated false or misleading statements to MAS, inadequate risk management and conflict-of-interest policies, and failures to comply with outsourcing guidelines. MAS has instructed Bsquared to provide a closure certificate from its auditors, confirming that all customer funds have been returned. The company stated it held no outstanding customer assets at the time of licence revocation. Additionally, MAS is reviewing the responsibilities of Bsquared's key officers, suggesting possible individual accountability for senior management. This move highlights Singapore's strict regulatory stance and commitment to financial stability in the evolving crypto sector.