Singapore Revokes Bsquared Crypto License in Rare Move

Singapore has revoked the cryptocurrency license granted to blockchain infrastructure project Bsquared Technology.

The Monetary Authority of Singapore said in a statement on May 20 that it found Bsquared committed serious breaches of regulatory requirements last year. The company can no longer provide digital payment token services in Singapore.

MAS cited major deficiencies in Bsquared's risk-management practices and its policies for preventing conflicts of interest. It also said the company made false or misleading statements on multiple occasions during its licensing period. The regulator said it takes the breaches seriously and is reviewing whether the company's senior executives also bear responsibility.

MAS granted Bsquared a license for its crypto business early last year. Bloomberg reported that MAS has issued crypto licenses to 37 companies in total, making a revocation an unusual step.