MAS is still investigating the responsibilities of key management personnel; it seems someone will be held criminally liable.

The Monetary Authority of Singapore announced the revocation of Bsquared Technology's major payment institution license, citing deficiencies in risk management, conflicts of interest, and outsourcing management, as well as multiple instances of providing false information to regulators during applications and on-site inspections. Bsquared obtained a digital payment token service license approximately 16 months ago and now needs to submit a closure certificate issued by an audit firm to confirm that all customer funds have been fully returned. MAS is further reviewing the responsibilities of its key management personnel. Currently, only 37 institutions in Singapore are approved for digital payment token services, and license revocations are relatively rare.