Singapore Revokes Bsquared’s Crypto License Over Regulatory Breaches

Singapore's financial regulator has taken decisive action against Bsquared Technology, revoking its Major Payment Institution license effective May 14, 2026. The Monetary Authority of Singapore (MAS) uncovered systemic compliance failures during a 2025 inspection, including material misrepresentations in license applications and ongoing reporting.

The crypto payment firm, which operated under Singapore's Payment Services Act 2019 framework, demonstrated significant risk management deficiencies. MAS identified particular concerns regarding conflict of interest policies and outsourcing arrangements with related entities—violations serious enough to warrant license termination just 16 months after its January 2025 issuance.

This enforcement action underscores Singapore's strict approach to digital asset regulation, even as the city-state positions itself as a crypto hub. The revocation serves as a warning to other licensed operators about MAS's zero-tolerance policy toward misleading disclosures and compliance shortcomings.