Singapore Revokes Bsquared’s Crypto Licence Over Regulatory Breaches
Singapore's MAS revoked Bsquared's crypto license due to regulatory breaches, including false information and weak risk management.Summary
Singapore's central bank, the Monetary Authority of Singapore (MAS), has revoked the Major Payment Institution Licence of Bsquared Technology Pte. Ltd. (Bsquared) for providing digital payment token services. The decision follows an on-site inspection that revealed significant weaknesses in Bsquared's risk management practices, conflict-of-interest policies, and non-compliance with outsourcing guidelines. MAS also found that Bsquared provided false or misleading information on multiple occasions, from its initial license application through the inspection. Bsquared, which obtained its license 16 months ago, has been ordered to submit a closure certificate from its auditors confirming the return of all customer funds. MAS stated it takes a serious view of these breaches and is reviewing the responsibilities of Bsquared's key officers. This revocation is uncommon, as MAS has granted 37 digital payment token services licenses to date.
(Source：Cointelegraph)