--- title: "MAS Revocation of Bsquared License Sends Chilling Message to Singapore Crypto Firms" type: "News" locale: "en" url: "https://longbridge.com/en/news/287150693.md" description: "The Monetary Authority of Singapore revoked Bsquared Technology's crypto payment license due to serious compliance failures, including misleading information and weak internal controls. This significant enforcement action underscores Singapore's commitment to strict regulatory standards in its crypto sector, as the city-state aims to balance fostering a digital asset hub with rigorous oversight. Bsquared must now confirm the return of all customer funds as part of the shutdown process." datetime: "2026-05-21T03:10:40.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/287150693.md) - [en](https://longbridge.com/en/news/287150693.md) - [zh-HK](https://longbridge.com/zh-HK/news/287150693.md) --- # MAS Revocation of Bsquared License Sends Chilling Message to Singapore Crypto Firms Monetary Authority of Singapore has revoked the crypto payment license of Bsquared Technology after uncovering what regulators described as serious compliance failures, weak internal controls, and repeated instances of “false or misleading” information provided to authorities. > 2026/05/21 #Ctalks 昨日热点推送 > > 1️⃣据彭博社报道，新加坡金融管理局已撤销本地加密流动性服务商 Bsquared Technology（BSQ）的重大支付机构牌照，理由是该公司在去年被查出存在 “严重违规” 行为。 > > 2️⃣5 月 20 日消息，美国总统特朗普：美国与伊朗的谈判已进入 “最后阶段”。 > > 3️⃣据 Finance… pic.twitter.com/q3MBCXjjOA > > — Ctalks (@talk99) May 21, 2026 The move marks one of the most significant crypto enforcement actions taken by Singapore in recent years and sends another strong signal that the city-state’s ambitions to become a global digital asset hub will come with aggressive regulatory scrutiny. In a statement released Wednesday, MAS said it revoked Bsquared’s Major Payment Institution Licence following an on-site inspection that exposed deficiencies in the company’s risk management systems, conflict-of-interest policies, and compliance with outsourcing requirements under Singapore’s regulatory framework. More critically, the regulator said the firm provided inaccurate or misleading information not only during the inspection process itself, but also during its original licensing application. Bsquared, also known as BSQ, received approval roughly 16 months ago to provide digital payment token services under Singapore’s Payment Services Act 2019. However, MAS said the company ultimately failed to meet the standards required to maintain its operating license, adding that regulators are now reviewing the responsibilities of the firm’s key officers. > Singapore just pulled the crypto licence of Bsquared Technology, only 16 months after it was granted. > > The MAS found risk management failures, outsourcing breaches, and what it described as false or misleading information provided to regulators multiple times, from the original… pic.twitter.com/HFXChsWCWn > > — Todayq News (@todayqnews) May 20, 2026 The regulator emphasized that it “takes a serious view” of the breaches committed by the company — language that underscores how seriously Singapore is treating governance and compliance failures within its crypto sector. As part of the shutdown process, Bsquared must now submit a closure certificate from its auditors confirming that all customer funds have been returned appropriately. The company reportedly told MAS that it does not hold any outstanding customer assets. Singapore remains one of the world’s most selective crypto regulatory jurisdictions. MAS has issued only 37 digital payment token licenses so far, making license approvals relatively difficult to obtain compared with many competing crypto hubs. > 🇸🇬 Singapore has emerged as a global leader in blockchain, with risk-adjusted regulation. > > In 2024, Singapore issued 13 MPI crypto licenses. 🤝 pic.twitter.com/t1Rf9VbBC6 > > — CryptosRus (@CryptosR\_Us) January 2, 2025 That makes Bsquared’s revocation especially notable. While Singapore continues promoting itself as a global center for digital assets and tokenized finance, the latest enforcement action highlights a growing reality across the industry: regulators are increasingly willing to remove firms entirely if these companies don't abide by the country's strict standards. The case also follows previous enforcement activity involving AmazingTech, whose application was rejected before Singapore authorities later launched an investigation into the company. Despite the crackdown, Singapore continues rapidly expanding its digital asset ecosystem and remains one of Asia’s most important crypto hubs. The country hosts major operations for companies including Coinbase, Ripple, and Crypto.com, while also becoming a major center for tokenization and stablecoin infrastructure. > Coinbase Business accounts launched in Singapore. > > Over 100 companies and family offices signed up in the first few days (some still on waitlist - we're working through them quickly). https://t.co/QGj8hZABCP > > — Brian Armstrong (@brian\_armstrong) November 14, 2025 Last month, Singapore Gulf Bank launched a system allowing institutional clients to mint and redeem stablecoins directly from bank accounts through the Solana blockchain, enabling around-the-clock settlement between fiat currencies and digital assets. The Bsquared case highlights the balancing act Singapore is now attempting: building one of the world’s most advanced crypto ecosystems while simultaneously enforcing some of the strictest regulatory and compliance standards in the industry. ### Related Stocks - [ABTC.US](https://longbridge.com/en/quote/ABTC.US.md) - [GBTC.US](https://longbridge.com/en/quote/GBTC.US.md) - [ETHE.US](https://longbridge.com/en/quote/ETHE.US.md) - [COIN.US](https://longbridge.com/en/quote/COIN.US.md) - [GLXY.US](https://longbridge.com/en/quote/GLXY.US.md) - [CRCL.US](https://longbridge.com/en/quote/CRCL.US.md) - [EZBC.US](https://longbridge.com/en/quote/EZBC.US.md) - [BLOK.US](https://longbridge.com/en/quote/BLOK.US.md) - [FBTC.US](https://longbridge.com/en/quote/FBTC.US.md) - [BITO.US](https://longbridge.com/en/quote/BITO.US.md) - [ARKB.US](https://longbridge.com/en/quote/ARKB.US.md) - [EETH.US](https://longbridge.com/en/quote/EETH.US.md) - [COIG.US](https://longbridge.com/en/quote/COIG.US.md) - [HODL.US](https://longbridge.com/en/quote/HODL.US.md) - [CONL.US](https://longbridge.com/en/quote/CONL.US.md) - [BTCW.US](https://longbridge.com/en/quote/BTCW.US.md) - [LMBO.US](https://longbridge.com/en/quote/LMBO.US.md) - [ARKF.US](https://longbridge.com/en/quote/ARKF.US.md) - [BLCN.US](https://longbridge.com/en/quote/BLCN.US.md) - [EZET.US](https://longbridge.com/en/quote/EZET.US.md) - [IBIT.US](https://longbridge.com/en/quote/IBIT.US.md) - [ETHV.US](https://longbridge.com/en/quote/ETHV.US.md) - [ETHW.US](https://longbridge.com/en/quote/ETHW.US.md) - [CRCG.US](https://longbridge.com/en/quote/CRCG.US.md) - [FINX.US](https://longbridge.com/en/quote/FINX.US.md) - [BTCO.US](https://longbridge.com/en/quote/BTCO.US.md) - [QETH.US](https://longbridge.com/en/quote/QETH.US.md) - [XEY.US](https://longbridge.com/en/quote/XEY.US.md) - [BITB.US](https://longbridge.com/en/quote/BITB.US.md) - [FETH.US](https://longbridge.com/en/quote/FETH.US.md) - [ETHA.US](https://longbridge.com/en/quote/ETHA.US.md) - [BTF.US](https://longbridge.com/en/quote/BTF.US.md) - [CETH.US](https://longbridge.com/en/quote/CETH.US.md) - [ETH.US](https://longbridge.com/en/quote/ETH.US.md) ## Related News & Research - [Circle, the first stablecoin to go public, has actually issued its own token.](https://longbridge.com/en/news/287030047.md) - [Circle, the first stablecoin to go public, has actually issued its own token.](https://longbridge.com/en/news/286785804.md) - [EXCLUSIVE-How Trump's crypto venture and Iran's top exchange tapped into the same industry networks](https://longbridge.com/en/news/286735446.md) - [Duan Yongping's first investment in a crypto company: Why Circle?](https://longbridge.com/en/news/287030025.md) - [Fireblocks Bets AI Agents Will Drive the Next Stablecoin Boom](https://longbridge.com/en/news/287180724.md)