The Monetary Authority of Singapore revokes Bsquared's cryptocurrency payment license

According to Bloomberg, the Monetary Authority of Singapore has announced the revocation of the major payment institution (MPI) license of the cryptocurrency payment company Bsquared Technology. The reasons include flaws in risk management and conflict of interest policies, violations of outsourcing management regulations, and providing false or misleading information to regulators multiple times during the license application and on-site inspection processes.

Bsquared obtained a digital payment token service license 16 months ago and is now required to submit a closure certificate issued by an auditing firm to confirm that all customer funds have been returned. The MAS stated that it is further reviewing the responsibilities of the company's key management personnel. Currently, only 37 institutions in Singapore are approved to provide digital payment token services, and license revocations are relatively rare.