Singapore’s central bank has revoked the crypto payment licence of Bsquared Technology Pte Ltd, stripping the firm of its authorisation to provide digital payment token services after uncovering a string of serious regulatory breaches, including repeated false statements made to the regulator.
The Monetary Authority of Singapore (MAS) announced the decision on Wednesday, citing findings from an on-site inspection that revealed weaknesses in Bsquared’s risk management practices and conflict-of-interest policies, along with failures to comply with the regulator’s outsourcing guidelines.
Most critically, MAS found that Bsquared had provided false or misleading information on multiple occasions, spanning from its original licence application all the way through the inspection process itself.
A short-lived licence
Bsquared, also known as BSQ, had only held its Major Payment Institution Licence for 16 months, having received approval to operate under Singapore’s Payment Services Act 2019. The revocation brings that authorisation to an abrupt end.
MAS has ordered the company to submit a closure certificate from its auditors confirming that all customer funds have been returned. Bsquared told the regulator it held no outstanding customer assets at the time of the decision.
“MAS takes a serious view of the breaches committed by BSQ, and is reviewing the responsibilities of key officers of BSQ,” the central bank stated, a signal that individual accountability for senior figures at the firm has not been ruled out.
Revocations remain rare in Singapore
MAS has licensed 37 entities to provide digital payment token services to date, making outright licence revocations an uncommon outcome in the city-state. The last notable enforcement action in the space came in 2025, when MAS rejected an application from AmazingTech, the operator of Tokenize Xchange, and the Commercial Affairs Department subsequently launched a formal investigation into the company.
The Bsquared revocation underscores that Singapore’s openness to crypto business comes with firm expectations around regulatory compliance, disclosure, and governance, and that the regulator is willing to act decisively when those standards are not met.
Singapore’s broader crypto ambitions remain intact
The enforcement action does not signal any retreat from Singapore’s position as one of Asia’s leading digital asset hubs. The city-state is home to regional offices of major crypto firms and continues to deepen its integration of traditional finance with blockchain infrastructure.
Last month, Singapore Gulf Bank launched a service allowing institutional clients to mint and redeem stablecoins directly from bank accounts via the Solana blockchain, enabling round-the-clock settlement between fiat and digital assets, a sign that the city-state’s regulated crypto ecosystem continues to grow and innovate in tandem with enforcement.
