Singapore cancels crypto liquidity provider BSQ's payment license

Odaily Planet Daily News The Monetary Authority of Singapore (MAS) has revoked the Major Payment Institution license of crypto liquidity provider Bsquared Technology (BSQ) due to serious violations in its digital payment token business.

MAS stated that the issues include weak risk management and conflict of interest controls, violations of outsourcing rules, and multiple submissions of false or misleading statements during the licensed period. The revocation took effect on May 14.

MAS noted that BSQ currently has no outstanding client assets but is still required to submit a closure certificate from an auditor. The regulator also said it is reviewing the responsibilities of BSQ's key management personnel. Currently, a total of 37 digital payment token service providers hold relevant licenses in Singapore. (TechinAsia)