Bsquared Technology, a crypto firm in Singapore, doesn’t currently have external auditors. However, the country’s central bank has directed the company to provide proof that all customer funds have been fully refunded. BsQuared has informed regulators that it no longer holds any customer assets.
A License Gone In 16 Months
Singapore’s financial regulator, the Monetary Authority, cancelled Bsquared’s license to operate as a major payment service on Wednesday. This decision followed an inspection that revealed several issues with the company.
The company had weaknesses in its risk management and how it dealt with potential conflicts of interest. It also didn’t fully comply with the central bank’s rules for outsourcing work.
To make matters worse, regulators stated that Bsquared repeatedly provided inaccurate or misleading information to MAS, beginning with its initial license application and continuing during the inspection process. The company, also known as BSQ, had only been operating under the license for a little over a year.
MAS Not Done With Bsquared
The central bank emphasized that revoking the license isn’t the final step. It’s now investigating the actions of the company’s leaders, suggesting that those individuals may also face penalties.
Singapore has authorized 37 companies to provide digital payment services, and licenses are rarely canceled. The recent action taken against Bsquared serves as a warning to other companies that the regulatory body will take action against those that don’t meet the required standards or provide misleading information.
A Hub That Holds Its Standards
Singapore has become a major hub for crypto companies in Asia. Several key players, including Coinbase, Ripple, and Crypto.com (which has its global headquarters there), have established a presence in the city.
This reputation stems in part from the strictness of financial regulators when it comes to licensing. For example, last year, the Monetary Authority of Singapore (MAS) denied a license to AmazingTech, which runs Tokenize Xchange, and the Commercial Affairs Department subsequently investigated the company.
The situation with Bsquared follows a common trend: Singapore is eager to attract business, but only if it can maintain proper regulation and control.
Beyond Payments, Deeper Integration
Singapore is continuing to grow its involvement with digital assets. Recently, Singapore Gulf Bank introduced a new service that allows its institutional clients to create and exchange stablecoins directly from their bank accounts using the Solana blockchain.
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2026-05-21 08:02