Singapore's 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 included weak risk management and conflict of interest controls, breaches of outsourcing regulations, and repeated submission of false or misleading statements during the licensed period. The revocation took effect on May 14.
MAS noted that BSQ currently holds no outstanding customer assets 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, Singapore has 37 digital payment token service providers holding relevant licenses. (TechinAsia)