Singapore’s Monetary Authority revoked Bsquared’s crypto payment license this week. The regulator found serious compliance failures, including flawed risk management and conflict-of-interest policies. It also accused the firm of providing false information to MAS on multiple occasions.
Regulatory Deficiencies Uncovered
MAS identified critical gaps in Bsquared’s risk management framework. The policies failed to meet basic safeguards required by Singapore’s payment regulations. The regulator also flagged inadequate conflict-of-interest controls, leaving room for potential operational risks. These weren’t minor oversights—they violated core compliance standards MAS deemed non-negotiable.
Pattern of Misleading Reports
The firm submitted false or misleading information to MAS repeatedly. The regulator didn’t detail specific instances but emphasized the frequency of inaccuracies. This wasn’t a one-off mistake; it created a pattern of noncompliance that eroded trust. MAS noted the misrepresentations directly impacted its oversight duties.
License Cancellation Takes Effect
The revocation strips Bsquared’s authorization to operate crypto payment services in Singapore immediately. No alternative arrangements were announced for affected users. The firm must cease payment processing under this license with no grace period. This is MAS’s first full license revocation for crypto payment providers this year.
Bsquared can no longer legally provide crypto payment services in Singapore.
