Singapore revokes Bsquared's crypto payments license

The Monetary Authority of Singapore (MAS) has revoked the Major Payment Institution (MPI) license of crypto platform Bsquared, Bloomberg reported. The MAS cited several reasons for the revocation, including inadequate risk management and conflict of interest prevention policies, violations of outsourcing regulations, and the submission of false or misleading information during its license application and on-site inspection. Bsquared had obtained its license to provide Digital Payment Token (DPT) services about 16 months ago. As a result of this action, Bsquared is now required to submit a termination confirmation from an auditing firm to the MAS, proving that all customer funds have been fully returned.