Singapore revokes crypto payment license of Bsquared over regulatory breaches

Singapore’s central bank has stripped Bsquared Technology Pte. Ltd. of its Major Payment Institution licence, cutting the crypto payments firm off from providing digital payment token services in one of Asia’s most closely watched regulatory jurisdictions.

The Monetary Authority of Singapore (MAS) announced the revocation on Wednesday after an on-site inspection uncovered a series of compliance failures. The licence, which authorized Bsquared to operate under Singapore’s Payment Services Act, is dead effective May 14, 2026.

What MAS found, and why it matters

The regulator’s inspection revealed weaknesses across several critical areas: risk management practices, conflict-of-interest policies, and adherence to outsourcing guidelines.

But the more damaging finding was that Bsquared had provided false or misleading information to MAS on multiple occasions.

The timeline tells its own story

Bsquared received its licence less than 18 months before the revocation. That’s a remarkably short window between authorization and enforcement action, suggesting the problems MAS identified were either present from the start or developed quickly after approval.

Bsquared’s activities were described as limited. MAS noted no outstanding customer monies or assets at the time of the revocation.

Under the Payment Services Act, Bsquared must now provide a closure certificate from independent auditors confirming that all customer funds were properly managed.

Singapore’s broader regulatory posture

Singapore was one of the first major financial centers to create a licensing framework specifically for crypto payment services under the Payment Services Act, which took effect in January 2020. Following global regulatory failures such as the collapse of FTX, MAS has escalated its scrutiny of compliance measures across the industry, emphasizing consumer protection while reinforcing a commitment to high standards within the digital asset space.