Singapore MAS Revokes Bsquared Cryptocurrency Payment License

According to Bloomberg, Singapore's Monetary Authority revoked the Major Payment Institution (MPI) license of crypto payment company Bsquared Technology for deficiencies in risk management and conflict-of-interest policies, violations of outsourcing rules, and providing false or misleading information to regulators during license applications and inspections. The company had obtained its digital payment token service permit 16 months ago. Bsquared must now submit an audit report confirming all customer funds have been returned. License revocations remain rare among Singapore's 37 approved digital token service providers.
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