Bsquared Technology has lost its regulatory approval issued by the Monetary Authority of Singapore (MAS). The regulator stated that Bsquared was banned from providing digital payment token services on May 14th.
MAS said an on-site inspection revealed serious regulatory compliance violations. This included a claim that Bsquared provided information to MAS that was false or misleading in its application to provide services.
MAS reported that Bsquared is now required to submit a closure certificate issued by auditors. Apparently, no customer funds or assets are at risk.
Bsquared has not issued any rebuttal or explanation regarding the loss of its license. The Bsquared website states it “does not offer or provide any products or services. Nothing on this website constitutes an offer, invitation or solicitation to enter into any transaction or business relationship.”
Bsquared was a digital payment token (DPT) service provider. It primarily provided OTC trading for larger volume crypto transactions. It did not offer a publicly available crypto exchange. Few details on the allegations have been made available.
