In an unprecedented move, Singapore’s central bank has canceled the license of crypto firm Bsquared Technology after discovering repeated false statements. The revocation, effective May 14, 2026, comes just 16 months after the license was granted—marking one of the swiftest crackdowns on a newly authorized digital payment token service provider.
The Monetary Authority of Singapore (MAS) conducted an on-site inspection in 2025 and unearthed major deficiencies in the company’s risk management systems and conflict of interest protocols. More alarmingly, Bsquared supplied inaccurate information during its license application and throughout the regulator’s review process. This pattern of deceit extended to its dealings with outsourced partners, breaching MAS guidelines on managing third-party services.
The company, which facilitated crypto trading and token transfers, now faces the requirement to submit a closure certificate from independent auditors confirming the proper handling of client assets. The enforcement action has sent shockwaves through Singapore’s crypto community, as only 37 firms have been granted such licenses. The incident is expected to tighten scrutiny on all license holders, particularly regarding their initial disclosures.
Singapore has positioned itself as a global crypto hub since enacting the Payment Services Act in 2020, but this case underscores the regulator’s commitment to enforcing high standards. The MAS is also considering whether senior executives at Bsquared should be held personally accountable for the violations.