Why did Singapore revoke Bsquared’s crypto license?

Monetary Authority of Singapore revoked Bsquared Technology’s license after finding weaknesses in risk management, outsourcing controls and conflict-of-interest policies. MAS also alleged the company provided false or misleading information during its licensing process and inspections.

What is a Major Payment Institution Licence in Singapore?

A Major Payment Institution Licence allows companies to provide regulated digital payment token services under Singapore’s Payment Services Act. It is one of the main approvals crypto firms need to legally operate in Singapore.

Why is this case important for the crypto industry?

The revocation signals that Singapore is taking a tougher enforcement approach even while positioning itself as a major global crypto hub. It shows regulators are willing to remove licences from firms that fail compliance standards.

What problems did MAS identify at Bsquared?

MAS said Bsquared had deficiencies in risk management systems, conflict-of-interest policies and outsourcing compliance. Regulators also accused the company of providing inaccurate or misleading information multiple times.

Did Bsquared still hold customer funds?

MAS said Bsquared must submit a closure certificate from auditors confirming all customer funds have been returned. According to the regulator, the company claimed it did not hold any outstanding customer assets.

How common are crypto license revocations in Singapore?

License revocations remain relatively uncommon in Singapore. MAS has granted 37 digital payment token licences so far, making approval standards relatively selective compared with some other jurisdictions.

Why do crypto companies choose Singapore?

Singapore is considered one of Asia’s leading crypto hubs because of its clear regulatory framework, strong financial infrastructure and openness to digital asset innovation. Major firms including Coinbase, Ripple and Crypto.com operate there.

Does this mean Singapore is becoming anti-crypto?

Not necessarily. Singapore continues supporting regulated crypto growth while increasing enforcement against companies that fail compliance requirements. The country appears focused on maintaining credibility as a regulated digital asset hub.

Image for illustrative purposes only. Not a real photo.

Singapore revokes Bsquared crypto payment licence

Written by Liezl GambePublished May. 21 2026Last Updated May. 21 2026

Monetary Authority of Singapore has revoked the crypto payment licence of Bsquared Technology after identifying multiple regulatory breaches and alleged misleading disclosures.

MAS said an on-site inspection uncovered weaknesses in Bsquared’s risk management framework, conflict-of-interest controls and compliance with outsourcing requirements under Singapore’s Payment Services Act.

The regulator also alleged the company provided false or misleading information on several occasions, including during its original licensing application and throughout the inspection process.

Bsquared, also known as BSQ, received its Major Payment Institution Licence 16 months ago to provide digital payment token services in Singapore.

MAS ordered the company to submit a closure certificate from its auditors confirming all customer funds had been returned, while Bsquared reportedly told regulators it held no outstanding customer assets.

“MAS takes a serious view of the breaches committed by BSQ, and is reviewing the responsibilities of key officers of BSQ,”

The central bank said.

The revocation remains relatively uncommon in Singapore, where MAS has granted 37 digital payment token service licenses as the country positions itself as a leading Asian hub for regulated crypto and digital asset businesses.

Singapore continues expanding digital asset infrastructure despite tighter enforcement, with firms including Coinbase, Ripple and Crypto.com maintaining major operations in the city-state.