Bsquared Technology Pte Ltd doesn’t have any auditors to respond to yet – but it will. The Singaporean central bank ordered the cryptocurrency company to issue a closure certificate confirming the return of all customer funds. The company told regulators it had no assets owed to customers.
License gone in 16 months
Monetary Authority of Singapore It has been revoked The licensing of Bsquared’s main payment institution on Wednesday after an on-site inspection turned up a host of issues.
Regulators found loopholes in how the company managed risks and handled conflicts of interest. There was also Failure Follow the central bank outsourcing rules.
Worse still, officials said Bsquared provided false or misleading information to MAS on multiple occasions — starting from when it first applied for the license and continuing through the inspection itself. The company, also known as BSQ, has only been licensed for 16 months.
MAS pulls the plug on Bsquared’s crypto operations. Source: MAS
MAS is not done with Bsquared
The Central Bank explained that canceling the license is not the end of the matter. MAS said it is now reviewing the conduct of senior officials at the company, suggesting that individuals within the company may face this matter Separate consequences.
Singapore has licensed 37 entities to provide digital payment token services. Cancellations are rare. The action against Bsquared alerts other operators that the regulator will act against companies that fall short of – or mislead – the authorities.
Image: Fintech News Singapore
A center that holds its own standards
Singapore has gained a reputation as one of Asia’s leading centers for cryptocurrency businesses. Coinbase and Ripple maintain regional offices there. Crypto.com’s global headquarters are located in the city-state.
This status has come in part from how seriously regulatory bodies take licensing requirements. Last year, MAS rejected a request from AmazingTech, the operator of Tokenize Xchange, and the Commercial Affairs Department subsequently launched an investigation into the company.
the Square invalidation Fits the pattern: Singapore wants business, but not at the expense of oversight.
Beyond payments, deeper integration
The city-state is also expanding its digital asset ambitions in other areas. Gulf Bank of Singapore recently launched a service that allows institutional customers to mint and redeem stablecoins directly through their bank accounts via the Solana blockchain.
Featured image from KOLN, chart from TradingView
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