Singapore’s central bank has revoked the Major Payment Institution licence of Bsquared Technology Pte Ltd, ending the crypto payment firm’s authorisation to provide digital payment token services in the city-state. The revocation took effect on 14 May 2026, roughly 16 months after BSQ received its licence on 1 January 2025.

The Monetary Authority of Singapore said in a statement that an on-site inspection conducted in 2025 uncovered serious breaches of regulatory requirements. These included significant weaknesses in risk management practices and conflict of interest policies, as well as failures to comply with MAS guidelines on outsourcing in its arrangements with related entities.

More seriously, MAS found that BSQ had provided…