The Monetary Authority of Singapore has revoked the crypto payment license of Bsquared Technology Pte. Ltd. Following the discovery of several violations, the firm was stripped of its right to provide digital payment token services. This was reported by Cointelegraph.com reports .
In a statement on Wednesday, the Monetary Authority of Singapore (MAS) announced that it had revoked Bsquared's Major Payment Institution license. On-site inspections revealed deficiencies in the company's risk management practices and conflict of interest policies, as well as a failure to comply with outsourcing guidelines.
According to MAS, Bsquared provided false or misleading information on several occasions from the time of its license application through the inspection process. The company, also known as BSQ, had received its license 16 months ago in accordance with Singapore's Payment Services Act 2019.
The company is now required to provide a closing certificate confirmed by auditors that all client funds have been returned. Bsquared representatives informed the regulator that they currently have no outstanding liabilities or assets belonging to clients. MAS is also currently reviewing the responsibilities of the company's key executives.
Singapore is considered one of Asia's leading crypto hubs, hosting regional offices for giants like Coinbase and Ripple, as well as the headquarters of Crypto.com. To date, MAS has issued 37 digital payment service licenses, and cases of revocation are extremely rare.
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