Bsquared Technology Pte Ltd has no auditors to answer to yet — but it will. Singapore’s central bank has ordered the crypto firm to produce a closure certificate confirming that all customer funds have been returned. The company told regulators it holds no outstanding customer assets.
A License Gone In 16 MonthsWorse, officials said Bsquared had given 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 firm, also known as BSQ, had held the license for just 16 months.
Singapore has licensed 37 entities to offer digital payment token services. Revocations are rare. The action against Bsquared puts other operators on notice that the regulator will move against firms that fall short — or mislead — authorities.
Singapore has built a reputation as one of Asia’s leading centers for crypto business. Coinbase and Ripple maintain regional offices there. Crypto.com has its global headquarters in the city-state.
That standing has come partly from how seriously regulators treat licensing requirements. Last year, MAS rejected an application from AmazingTech, the operator of Tokenize Xchange, and the Commercial Affairs Department later launched a probe into the company.
Beyond Payments, Deeper IntegrationThe city-state has also been expanding its digital asset ambitions in other areas. Singapore Gulf Bank recently launched a service letting institutional clients mint and redeem stablecoins directly through their bank accounts via the Solana blockchain.
Featured image from KOLN, chart from TradingView
