Singapore’s MAS suspended Bitget crypto exchange for promoting Army Coin, named after BTS’ fans

The Monetary Authority of Singapore officially suspended Bitget exchange after a dispute related to Army Coin, which is named after the boy band’s fan following. The crypto exchange promoted it as a lifetime financial support for the band’s fans, though it has no official connection with the group.

Singapore regulator suspends Bitget crypto exchange over a dispute with Korean band BTS

The exchange used the band’s images and attracted attention after it said it would provide lifetime financial support for BTS fans. BTS’ managing agency Hybe said in late October that the asset had no official connection to the group and also threatened legal action if no changes took place.

Following the suspension from the regulator, Bitget removed the Monetary Authority of Singapore logo from the website. After that, Singapore users cannot access both the platform’s apps and the website. Hybe also said that any individual who suffered financial loss as a result of the purchase of this property should file a report at the nearest police station.

“We are currently reviewing legal violations, including the infringing of an artist’s portrait right, without consulting with the company, and we will take all legal action against infringements and violations”, the exchange stated.

Bitget was founded in Singapore in 2018 and has sponsored Italian football team Juventus, and reportedly has licenses in Australia, Canada, and the United States. But with crackdowns specifically focused on exchanges on the rise, it may find itself under scrutiny.

Sign up for a Binance account here (Discount 10% trading fees):

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like