The Monetary Authority of Singapore (MAS) revoked Bsquared Technology's major payment institution license effective May 14, 2026. Bsquared Technology (BSQ) had been licensed to provide digital payment token services in Singapore since January 1, 2025, holding the license for approximately 16 months before the revocation [1, 2, 3].
MAS found serious regulatory breaches at BSQ, including significant weaknesses in risk management, failure to comply with conflict-of-interest policies, and lapses in outsourcing guidelines. The authority said BSQ also provided false or misleading information on multiple occasions during the license application process and subsequent inspections [1, 2, 3].
MAS said it "takes a serious view of the breaches committed by BSQ, and is reviewing the responsibilities of key officers of BSQ" [2]. The regulator is examining whether BSQ's leadership contravened licensing requirements.
Upon revocation, Bsquared Technology informed MAS it holds no outstanding customer assets. However, BSQ must submit a closure certificate from auditors confirming that all customer funds have been returned to the rightful owners [1, 2, 3]. This is a standard step to ensure consumer protection after license withdrawal.
Singapore has licensed 37 entities so far to provide digital payment token services, reflecting its position as a major crypto hub in the region [2, 3]. The MAS has recently increased scrutiny of unlicensed or non-compliant crypto firms to manage reputational and operational risks within the financial sector [2, 3].
Bsquared Technology's license revocation is part of MAS’s ongoing enforcement actions to maintain industry standards and protect consumers in Singapore's digital payments market.
