Singapore revokes Bsquared’s crypto payment license after compliance breaches

• MAS pulls BSQ’s license over risk management failures, misleading disclosures, and outsourcing violations.
• BSQ must return all customer funds; MAS is investigating key officer responsibilities.

On May 20, 2026, Cointelegraph reported that Singapore’s Monetary Authority (MAS) revoked the Major Payment Institution license of Bsquared Technology Pte. Ltd. (BSQ) due to multiple regulatory breaches identified during an on-site inspection. MAS discovered significant deficiencies in BSQ’s risk management procedures and conflict-of-interest policies.

The inspection further revealed that BSQ failed to comply with required outsourcing guidelines under Singapore regulations. Additionally, the company gave false or misleading information to regulators, both during its initial license application and throughout the inspection process.

MAS has ordered BSQ to submit a closure certificate confirming that all customer funds have been returned. The regulator is also reviewing the responsibilities of key officers at the company as part of its enforcement actions.

License revocations for digital payment token service providers are rare in Singapore; MAS has granted 37 such licenses to date. The action against BSQ highlights Singapore’s commitment to robust regulatory standards in its crypto sector, as reported by Cointelegraph.