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Monetary Authority of Singapore revokes Bsquared's Major Payment Institution License

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ME News, May 20 (UTC+8), the Monetary Authority of Singapore (MAS) announced the revocation of the Major Payment Institution (MPI) license of crypto payment company Bsquared Technology, citing deficiencies in risk management and conflict of interest policies, violations of outsourcing regulations, and the provision of false or misleading information to regulators multiple times during the license application and on-site inspection processes. Bsquared received its digital payment token service license 16 months ago and has now been required to submit a closure certificate issued by an auditing firm, confirming that all client funds have been fully returned. MAS stated that it is further reviewing the responsibilities of the company's key management personnel. Currently, only 37 institutions in Singapore are authorized to provide digital payment token services, making license revocations relatively rare. (Source: BlockBeats)
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