Market News

Crypto Operations in Singapore Face Crackdown as Bsquared's License Revoked

Singapore's Monetary Authority has revoked the Major Payment Institution License of Bsquared Technology Pte Ltd due to serious regulatory failures.

The central bank found multiple issues with the firm's risk management and outsourcing practices during an inspection.

Additionally, Bsquared was found to have provided false information to regulators, raising significant concerns about its operations.

The company, also known as BSQ, had held its license for only 16 months before this revocation.

Moving forward, the Monetary Authority is not only focusing on the firm's operations but is also reviewing the conduct of key officers involved.

This action sends a clear message to the crypto sector in Singapore: compliance with regulatory standards is non-negotiable.

Singapore has built a solid reputation as a leading hub for crypto activity, supporting various major players like Coinbase and Crypto.com.

The regulatory framework in the city-state emphasizes rigorous licensing requirements to maintain high industry standards.

The revocation of Bsquared’s license aligns with past actions, including the rejection of another application last year, signaling strict oversight continues.

In addition to traditional payment services, Singapore is advancing its digital asset initiatives, including stablecoin operations through local banks.