Singapore suspends Bitget exchange license due to K-Pop coin promotion

According to reports, Singapore-based digital asset platform Bitget has been suspended by the Monetary Authority of Singapore after a dispute with an organization of the popular K-Pop boy band BTS.

As Report On December 5, the Financial Times reported that Bitget had lost its Singapore license after a dispute over the listing of a new K-Pop-related cryptocurrency called Army Coin. However, the cryptocurrency exchange still claims to have licenses in other jurisdictions such as Australia, Canada, and the United States.

The problem came on October 25, when the Bitget exchange shared a tweet promoting the Army currency, which was named after a follower of the Korean boy band.

It allegedly used misleading information, such as “The existence of the coin is for the benefit of BTS” and “The ARMY coin aims to take care of BTS members for life.”

According to reports, the exchange used the “ARMY” code and the name and image of BTS to display the new cryptocurrency on its website without permission, thus infringing on the portrait rights of the band’s agent.

Once the agency Hybe received information that the cryptocurrency was listed on the Singapore Exchange, they announced:

“We are currently investigating the violations in this case, including cryptocurrency infringing on the portrait rights of our artists without the permission of the agency or discussions with the agency. We will take legal action against all infringements.”

It added that the coin had no “affiliation” with BTS and urged those who lost money on it to contact the police.

Bitget response statement report, Through clarification, as a trading platform, they did not create the token itself, and will not bear any responsibility for it. However, the ARMY token was delisted by the exchange on December 3. The British “Financial Times” reported that the token can be traded in Bitget’s other jurisdictions, including South Korea.

Bitget was established in Singapore in 2018 Claim It has more than 1.5 million registered users worldwide and is worth $1 billion after their recent B round of financing.

related: Singapore cryptocurrency exchange enters India amid regulatory uncertainty

After reaching a sponsorship agreement with Italian football giant Juventus in September and becoming the official partner of PGL Major Stockholm 2021 in October, Bitget became the focus of the industry.

In June, Bitget also signed a cooperation agreement with the stablecoin issuer Circle, becoming One of the first exchanges to list the U.S. dollar (USDC) as collateral for trading crypto derivatives.