Singapore Revokes Bsquared Crypto Permit Over ‘Serious Breaches’

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.

Bsquared Technology Pte. Ltd., also known as BSQ, is no longer allowed to provide digital payment token services in the city after the Monetary Authority of Singapore last year uncovered what it described as “serious breaches” of regulatory requirements, the MAS said in a statement Wednesday.

The lapses included “significant weaknesses” in the firm’s risk-management practices and conflict-of-interest policies, as well as failures to comply with the central ...