MAS Revokes BSQ Cryptocurrency Payment Firm License for Regulatory Breaches

Singapore’s central bank has revoked the license of a cryptocurrency payment firm after uncovering serious regulatory breaches, including the provision of false information to authorities. The Monetary Authority of Singapore announced on Wednesday that it has stripped Bsquared Technology Pte. Ltd., also known as BSQ, of its Major Payment Institution Licence, effective May 14, 2026.

The action follows an onsite inspection that revealed significant weaknesses in the firm’s risk management practices, conflict-of-interest policies, and compliance with outsourcing guidelines. The regulator stated that more critically, Bsquared had provided false or misleading information on multiple occasions, including during its initial license application and the subsequent inspection.

Bsquared had obtained its license to provide digital payment token services under Singapore’s Payment Services Act roughly 16 months prior to the revocation. The authority noted that the firm’s licensed activities were limited and that Bsquared has reported holding no outstanding customer assets. The company is now required to submit a closure certificate from its independent auditors confirming that all customer...