Singapore Revokes Payment License of Crypto Liquidity Provider BSQ

Odaily 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 breaches in its digital payment token business.

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

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