Singapore’s Monetary Authority (MAS) has done what many of us do on a Monday morning: revoked Bsquared Technology’s license. Why? Because lying, cheating, and regulatory negligence are apparently the new black in crypto. Or maybe just the old, cringe version.
- Bsquared’s MPI license met its demise on May 14, 2026-just 16 months after its January 1, 2025, grant. Who needs honesty when you can just lie on your application?
- MAS discovered “serious weaknesses” in Bsquared’s risk management (read: total chaos), conflict of interest policies (read: none), and outsourcing arrangements (read: why not outsource to your cousin?).
- False statements? Oh, they were practically a hobby. From the license application to MAS inspections, it was a one-way trip to Regulatory Shameville.
The revocation, one of the fastest in Singapore’s crypto history, feels less like a punishment and more like a mercy mission. MAS’s on-site inspection in 2025 revealed a firm that treated compliance like optional gym membership: signed up, then forgot the password. The cherry on top? Bsquared provided misleading info at every turn, like a contestant on a game show who’s secretly cheating.
Singapore’s central bank has revoked the major payment institution license of a local crypto liquidity provider, a rare move for the regulator as the city-state seeks to mitigate risks in the industry
– Bloomberg (@business) May 20, 2026
During its inspection, MAS also noted Bsquared’s “failures in outsourcing arrangements with related entities.” Translation: They handed critical tasks to family-run subsidiaries. Because why trust third-party auditors when you can trust your uncle’s IT guy? MAS is now reviewing whether senior execs deserve personal accountability. Spoiler: They probably do. Unless they’ve got lawyers who specialize in “I was just following the family business plan.”
Bsquared, a digital payment token service provider, must now hand over a closure certificate from auditors proving customer funds were handled properly. If only their honesty matched their paperwork. With 37 crypto licenses issued since 2020, MAS’s revocation of Bsquared’s is as rare as a rainy day in Singapore. But hey, better safe than sorry-especially when your name is spelled with two Bs and zero integrity.
Singapore’s crypto hub ambitions have been marred by this scandal, but at least MAS is finally flexing its regulatory muscles. After their June 2025 warning to unlicensed exchanges, this move screams: “We mean it, even if you’re already licensed.” BitGo’s recent approval shows the high bar for compliance, but Bsquared’s case proves that even the most “innovative” firms can’t skip the boring stuff. And Singapore’s tokenization framework? Let’s just say it’s building a fortress while Bsquared was busy building excuses.
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2026-05-22 00:20