Singapore revokes Bsquared Technology's license for cryptocurrency payments due to serious violations
2026-06-03 11:52:37
The Monetary Authority of Singapore (MAS) has revoked the license to operate as a principal payment institution of Bsquared Technology Pte. Ltd. (BSQ) with effect from May 14, 2026. This decision was taken after identifying serious breaches of regulatory requirements during an inspection conducted in 2025.
Among the breaches identified were significant deficiencies in risk management practices and conflict of interest prevention policies, as well as non-compliance with MAS guidelines on outsourcing with affiliates. BSQ was also found to have repeatedly provided false or misleading information from license application through the inspection period.
BSQ was licensed on January 1, 2025 to provide services with digital payment tokens under the Payment Services Act 2019. However, according to MAS, the company's activities during the license period were limited and BSQ had no outstanding customer funds or assets at the time of license revocation.
MAS has required BSQ to provide a closure certificate issued by its auditors confirming that all client funds have been returned to their rightful owners and that arrangements have been made to cover any contingent liabilities. The regulator is also considering the liability of key BSQ officials in relation to the breaches identified.
This is a rare case of license revocation in Singapore, which strives to maintain a balance between innovation in cryptocurrencies and strict adherence to regulatory standards. The action underscores MAS' commitment to ensuring transparency and soundness in the country's financial sector.
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