Bloomberg: Singapore's MAS Revokes Bsquared Crypto Payment License

Odaily Planet Daily News The Monetary Authority of Singapore (MAS) has revoked the Major Payment Institution (MPI) license of crypto payment company Bsquared Technology, citing deficiencies in risk management and conflict of interest policies, violations of outsourcing regulations, and providing false or misleading information to the regulator on multiple occasions during the license application and on-site inspection process. Bsquared obtained permission to provide digital payment token services 16 months ago. It has now been required to submit a closure certificate from an audit firm confirming that all client funds have been fully returned. 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, making license revocations relatively rare. (Bloomberg)