Crypto

Bitget Exchange License Has Been Suspended in Singapore Due to a K-Pop Coin Campaign

Bitget Exchange License Has Been Suspended in Singapore Due to a K-Pop Coin Campaign

After a legal battle with the agency for K-Pop boy band BTS, the Bitget exchange located in Singapore is said to have lost its license.

The Monetary Authority of Singapore has reportedly stopped Bitget, a digital asset marketplace located in Singapore, following a dispute with an agency for the popular K-Pop boy band BTS.

According to the Financial Times, Bitget lost its Singapore license after the controversial listing of Army Coin, a new K-Pop-related cryptocurrency. The crypto exchange, on the other hand, claims to hold licenses in different countries, which include Australia, Canada, and the United States.

The problem began on October 25, when the Bitget exchange published a tweet promoting Army Coin, a cryptocurrency named after fans of the South Korean boyband.

It allegedly included deceptive statements like “This coin exists for the good of BTS” and “ARMY coin intends to take care of BTS members for the rest of their lives.”

The exchange allegedly infringed the band’s picture rights by displaying the new cryptocurrency on their website without authorization, utilizing the “ARMY” ticker and BTS’s name and photographs.

When Hybe learned that the cryptocurrency had been listed on the Singapore-based exchange, they made the following announcement:

“We are presently investigating the legal violations in this matter, including the cryptocurrency’s infringement of our artists’ image rights without the agency’s authorization or discussion.” All infringements and violations will result in legal action.”

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The coin had “no affiliation” with BTS, according to the statement, and people who had lost money on it should call the police.

The coin had “no affiliation” with BTS, according to the statement, and people who had lost money on it should call the police.

According to sources, Bitget responded to the announcement by stressing that as a trading platform, they did not develop the coin and will have no responsibility for it. However, on December 3, the exchange delisted the ARMY token. According to the Financial Times, the coin was available for trading on Bitget in additional territories, including South Korea.

Bitget, which was founded in Singapore in 2018, claims to have over 1.5 million registered users globally and is valued at US$1 billion after their most recent Series B fundraising.

After signing a sponsorship contract with Italian soccer powerhouse Juventus in September and becoming an official partner of PGL Major Stockholm 2021 in October, Bitget was thrust into the spotlight.

Bitget also partnered with stablecoin issuer Circle in June to become one of the first exchanges to accept USD Coin (USDC) as collateral for crypto derivatives trading.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.