Home News Singapore suspends Bitget exchange license over K-Pop coin promotion

Singapore suspends Bitget exchange license over K-Pop coin promotion

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The Monetary Authority of Singapore has reportedly halted Bitget, a Singapore-based digital asset platform, following a dispute with a BTS agency.

Following the controversial listing of a new K-Pop-related cryptocurrency called Army Coin, according to the Financial Times on Dec. 5, Bitget lost its Singapore licence. The cryptocurrency exchange, on the other hand, claims to hold licences in Australia, Canada, and the United States.

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

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

The exchange allegedly infringed the band’s picture rights by promoting the new cryptocurrency on its website without authorization, utilising the “ARMY” ticker and BTS’s name and images.

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

“We are examining the legal violations in this situation, including the cryptocurrency’s infringement of our artists’ photo rights without authorization from or discussion with the agency. All offences and infringements shall be penalised.”

It went on to explain that the coin was “unrelated” to BTS. And that anyone who had lost money on it should call the authorities.

The Platform did not produce the coin cannot be liable for it

Bitget, according to sources, responded to the statement by emphasising that, as a trading platform, they did not produce the coin and will not be liable for it. The ARMY currency, on the other hand, delisted by the exchange on December 3. However, the coin was available for exchange on Bitget in numerous jurisdictions, including South Korea, according to the Financial Times.

Bitget, which formed in Singapore in 2018, claims to have over 1.5 million registered users worldwide. With the value of $1 billion after its most recent Series B funding round.

The platform thrown into the spotlight after negotiating a sponsorship deal with Juventus in September. And becoming an official partner of PGL Major Stockholm 2021 in October.

Bitget also announced a partnership with stablecoin issuer Circle in June. Making it one of the first crypto derivatives markets to accept USD Coin (USDC) as collateral.

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