Singapore revokes crypto payment license of Bsquared over regulatory breaches
MAS found deficiencies in Bsquared’s risk management and conflict-of-interest policies, and that the firm had provided false or misleading information to the regulator on multiple occasions.
Singapore’s central bank has pulled the crypto payment license of Bsquared Technology Pte. Ltd., stripping the firm of its right to provide digital payment token services after uncovering a series of breaches.
In a Wednesday announcement, the Monetary Authority of Singapore (MAS) said it revoked Bsquared’s Major Payment Institution Licence after an on-site inspection found weaknesses in the company’s risk management practices and conflict-of-interest policies, as well as failures to comply with the regulator’s outsourcing guidelines.
MAS said Bsquared provided false or misleading information on multiple occasions, from its initial license application through the inspection itself.