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Singapore Shuts Down Bsquared’s Crypto Payment Operations – Details

Singapore's central bank, the Monetary Authority of Singapore (MAS), has revoked the Major Payment Institution License of crypto firm Bsquared Technology. The decision followed an on-site inspection that uncovered significant compliance failures, including poor risk management, mishandling of conflicts of interest, and violations of outsourcing rules. Crucially, MAS found that Bsquared provided false or misleading information on multiple occasions, from its initial license application through the inspection process. The firm, which held the license for just 16 months, must now produce a closure certificate confirming all customer funds have been returned. MAS is also reviewing the conduct of the company's key officers, indicating potential individual consequences. This rare license revocation highlights Singapore's strict regulatory enforcement for its crypto sector, emphasizing that maintaining high standards is a priority for the financial hub.

bitcoinist05/21 08:02