Bloomberg: Singapore revokes Bsquared's crypto payment license

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