The Monetary Authority of Singapore (MAS) has revoked the Major Payment Institution (MPI) licence of Bsquared Technology, effective May 14, 2026, due to false statements and significant regulatory breaches. This swift action, just 16 months after the licence was granted, highlights MAS's commitment to stringent regulatory standards in the crypto sector. An inspection in 2025 revealed major deficiencies in Bsquared's risk management and conflict-of-interest controls, alongside false information provided during its licence application and subsequent inspections. The firm also violated MAS guidelines on third-party management through inadequate outsourcing arrangements. Bsquared must now secure a closure certificate from independent auditors to ensure proper handling of customer funds, as mandated by the Payment Services Act. This revocation underscores Singapore's rigorous regulatory environment, with MAS having issued only 37 crypto licences. The action signals a readiness to enforce compliance strictly, potentially prompting increased scrutiny of other licence holders' historical disclosures as Singapore continues to develop its tokenization framework.