MAS revokes Bsquared crypto permit over ‘serious breaches’
Published Wed, May 20, 2026 · 08:48 PM
SINGAPORE’S central bank has revoked the major payment institution license of a local crypto liquidity provider, a rare move for the regulator as the city-state seeks to mitigate risks in the industry.
Bsquared Technology, also known as BSQ, is no longer allowed to provide digital payment token services in the city after the Monetary Authority of Singapore last year uncovered what it described as “serious breaches” of regulatory requirements, the MAS said in a statement Wednesday.
The lapses included “significant weaknesses” in the firm’s risk-management practices and conflict-of-interest policies, as well as failures to comply with the central bank’s outsourcing guidelines, the regulator said.
The company had provided false or misleading statements on multiple occasions in the time that it was licensed, it added.
“MAS takes a serious view of the breaches committed by BSQ, and is reviewing the responsibilities of key officers of BSQ,” the regulator said in the statement.
Singapore has emerged as one of Asia’s major crypto hubs, serving as a regional base for major firms such as Coinbase Global and Ripple Labs, as well as the global headquarters of Crypto.com.
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Over the past year, however, the city has been cracking down on unlicensed firms to minimise reputational risk after a series of high-profile collapses in 2022.
The MAS revoked Bsquared’s license as of May 14, roughly 16 months after it was granted at the start of 2025, according to the MAS. Bsquared did not immediately respond to an emailed request for comment.
Bsquared informed the MAS that it held no outstanding customer assets, according to the authority. The company must submit a closure certificate issued by its auditors confirming that all customer funds have been returned to their intended recipients.
The MAS seldom goes as far as revoking digital payment token licenses. The authority has so far licensed 37 entities to provide such services.
Last July, the MAS rejected an application from AmazingTech, a local company that operated Tokenize Xchange, and listed it as no longer exempt from holding a license to operate in the city. The Commercial Affairs Department subsequently launched a probe into the company. BLOOMBERG
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