Singapore Cuts Ties with Cryptocurrency Firm Bsquared

Singapore's Monetary Authority (MAS) has taken a tough stance on cryptocurrency firms operating in the city-state by revoking the license of Bsquared Technology Pte Ltd.

The central bank ordered the company to produce a closure certificate confirming that all customer funds had been returned, and it was found that Bsquared had given false or misleading information to MAS on multiple occasions since its application for the license.

MAS stated that revoking the license is not the end of the matter, and they are now reviewing the conduct of the company's key officers, signaling that individuals within the firm could face separate consequences.