Bloomberg: Singapore Revokes Bsquared Crypto Payment License

Odaily Singapore's Monetary Authority (MAS) announced the revocation of the Major Payment Institution (MPI) license held by crypto payment company Bsquared Technology, citing deficiencies in risk management and conflict of interest policies, violations of outsourcing regulations, and the provision of false or misleading information to regulators on multiple occasions during the license application and on-site inspection processes. Bsquared obtained its license to offer digital payment token services 16 months ago and has now been required to submit a closure certificate from an auditing firm to confirm that all customer funds have been fully returned. MAS stated that it is further reviewing the responsibilities of the company's key management personnel. Currently, Singapore has approved only 37 institutions to provide digital payment token services, making license revocations relatively rare. (Bloomberg)