Singapore MAS revokes Bsquared license over false data
Singapore’s MAS has revoked the Bsquared license after finding false statements and serious regulatory breaches at the crypto firm.
- Singapore’s MAS revoked Bsquared Technology’s MPI licence effective May 14, less than 18 months after it was granted on January 1, 2025.
- MAS found serious weaknesses in risk management and conflict of interest policies, plus failures in outsourcing arrangements with related entities.
- Bsquared provided false or misleading information to MAS on multiple occasions, from its licence application through the regulator’s own inspection.
The Monetary Authority of Singapore revoked Bsquared Technology’s MPI licence effective May 14, 2026. The revocation came 16 months after the licence was granted, one of the fastest enforcement actions against a newly licensed crypto firm in Singapore.
MAS said an on-site inspection in 2025 uncovered significant weaknesses in Bsquared’s risk management practices and conflict of interest policies. More critically, Bsquared had provided false or misleading information on multiple occasions, from its licence application through MAS’s own inspection.
What MAS found during its inspection of Bsquared
The inspection also revealed failures in Bsquared’s outsourcing arrangements with related entities, breaching MAS guidelines on third-party management. The regulator is reviewing whether senior officers at the firm bear personal accountability for the breaches.
Bsquared operated as a digital payment token service provider for crypto trading and token transfers. Under the Payment Services Act, the firm must now provide a closure certificate from independent auditors confirming all customer funds were properly handled. Bloomberg has reported that MAS has issued crypto licences to 37 firms in total, making a revocation an unusual enforcement step.
What the revocation signals for Singapore’s crypto posture
Singapore has built its crypto hub credentials since introducing the Payment Services Act in 2020. MAS’s push to raise compliance standards, including its final warning to unlicensed exchanges in June 2025, has been tracked.
Recent MPI licence approvals including BitGo highlight the high bar licence holders must maintain.
The Bsquared case, involving false statements from the moment of application, is likely to increase scrutiny of all MPI holders’ historical disclosures. Singapore’s parallel effort to build a tokenization framework alongside strict enforcement standards has also been noted.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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