The Monetary Authority of Singapore (MAS) has revoked the Major Payment Institution license of Bsquared Technology, a cryptocurrency payment company, citing significant compliance failures. The revocation follows deficiencies in Bsquared's risk management and conflict of interest policies, breaches of outsourcing management regulations, and the provision of false or misleading information during both the license application and on-site inspections. Bsquared, which received its Digital Payment Token service license 16 months ago, is now required to submit an audit certificate verifying the full return of customer funds. MAS is also reviewing the responsibilities of the company's key personnel. With only 37 institutions in Singapore authorized to offer Digital Payment Token services, such license revocations are uncommon.
Singapore's MAS Revokes Bsquared's Payment License Over Compliance Failures
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