Singapore revokes payment license of crypto liquidity provider BSQ

Odaily Planet Daily reported that 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 regulations, and multiple submissions of false or misleading statements during the licensing period. The revocation order took effect on May 14.

MAS noted that BSQ has no outstanding customer assets at present 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, 37 digital payment token service providers hold relevant licenses in Singapore. (TechinAsia)