Singapore Revokes Bsquared Crypto License Over Rule Breaches

TLDR

• The Monetary Authority of Singapore revoked Bsquared’s crypto licence effective 14 May 2026.
• Bsquared can no longer provide digital payment token services under Singapore law.
• MAS found breaches in risk management and conflict of interest policies during its inspection.
• The regulator also cited failures in outsourcing arrangements with related entities.
• Bsquared provided false or misleading information during its licence application and inspection process.

Singapore’s central bank has revoked the crypto licence of Bsquared Technology Pte Ltd over regulatory failures. The Monetary Authority of Singapore said Bsquared is no longer allowed to offer digital payment token services. The action took effect on 14 May 2026 and follows findings from a regulatory inspection.

MAS Action Against Bsquared Over Compliance Failures

The Monetary Authority of Singapore (MAS) revoked Bsquared’s Major Payment Institution licence under the Payment Services Act 2019. The regulator said the company cannot provide crypto token services from 14 May.

MAS granted Bsquared its licence on 1 January 2025 to operate digital payment token services. These services include activities related to crypto trading and token transfers.

MAS conducted an onsite inspection of Bsquared during 2025. The review identified multiple breaches of regulatory requirements.

The regulator cited weaknesses in risk management practices at the firm. It also highlighted gaps in conflict of interest policies.

MAS said Bsquared failed to comply with its Guidelines on Outsourcing. The issues involved arrangements with related entities.

The authority also found that Bsquared provided false or misleading information. This occurred during its licence application and later during inspection.

Bsquared Closure Process and Regulatory Follow-up

MAS said Bsquared’s licensed activities were limited during its operation period. The firm informed the regulator that it holds no outstanding customer funds or assets.

The company must now complete a formal closure process under the law. This includes submitting a closure certificate issued by its auditors.

The certificate must confirm that all customer funds reached intended recipients. It must also confirm provisions for any unforeseen liabilities.

These requirements fall under section 22(7) of the Payment Services Act. MAS uses this process to ensure customer protection during exits.

The regulator is also reviewing the responsibilities of key officers at Bsquared. This review may lead to further action if accountability issues arise.

Singapore has tightened oversight of crypto firms under its regulatory framework. MAS continues to monitor compliance across digital payment token providers.

The revocation took effect on 14 May 2026, and Bsquared is no longer authorised to operate crypto services in Singapore.

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