Singapore-based digital asset platform Bitget has been suspended by the Singapore Treasury after it ended in a dispute with the agency of popular K-Pop boy band BTS.
As reported by the Financial Times on December 5, Bitget lost its Singapore license following a controversial initial public offering 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 arose on October 25 when Bitget shared a tweet promoting Army Coin, named after the followers of the South Korean boy band.
He is said to have used misinformation such as “This coin is for BTS” and “The ARMY coin is meant to keep BTS members for life.”
The exchange reportedly violated the agency’s image rights by posting a new cryptocurrency on its website using the ARMY strip, BTS names and photos without permission.
When Hybe received information that the cryptocurrency was listed on the Singapore Stock Exchange, they announced:
“We are currently investigating legal violations in this case, including cryptocurrency violations of our artists’ rights to images without permission or discussion with the agency. We will initiate legal proceedings against all violations and abuses. ”
She added that the currency “has nothing to do” with BTS and urged those who lost money with it to contact the police.
Bitget reportedly responded to this statement by explaining that as a trading platform, they did not create the coin themselves and would not be responsible for it. However, on December 3, the ARMY token was delisted from the exchange. The FT said the coin is available for trading in other jurisdictions on Bitget, including South Korea.
Founded in Singapore in 2018, Bitget claims to have over 1.5 million registered users worldwide and is worth $ 1 billion after its recent Series B funding.
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Bitget has come to the fore in the industry following a sponsorship deal with Italian football giant Juventus in September and became an Official Partner of PGL Major Stockholm 2021 in October.
In June, Bitget also partnered with a circle of stablecoin issuers to become one of the first exchanges to include USD Coin (USDC) as collateral for trading cryptocurrency derivatives.