The Monetary Authority of Singapore Revokes Bsquared's Major Payment Institution License

BlockBeats News, May 20th. The Monetary Authority of Singapore (MAS) announced the revocation of the major payment institution (MPI) license of the cryptocurrency payment company Bsquared Technology. The reasons cited include deficiencies in risk management and conflicts of interest policies, violation of outsourcing arrangements, and the provision of false or misleading information to the regulator during the license application and on-site inspection processes.

Bsquared obtained a digital payment token service license 16 months ago and has now been instructed to submit a closure proof from an audit firm to confirm the full return of customer funds. MAS stated that they are conducting further reviews of the key management personnel of the company. Currently, Singapore has only approved 37 entities to provide digital payment token services, making the revocation of a license a relatively rare occurrence.