The Singapore-based digital asset platform Bitget has reportedly been suspended by the Singapore Treasury due to a dispute with an agency representing the popular K-pop boy band BTS.
As the Financial Times reported on Sunday, Bitget lost its license in Singapore following the controversial listing of a new K-pop-related cryptocurrency called Army Coin (ARMY). However, the cryptocurrency exchange still claims to be licensed 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 known as BTS ARMY, short for M. Young. ”
He is said to have used misinformation such as “This coin exists in favor of #BTS” and “The ARMY coin is meant to sponsor BTS members for life.”
The exchange is said to have violated the boys’ band’s image rights by displaying the new cryptocurrency on their website by using the “ARMY” strip, BTS’s name and images without permission.
As soon as Hybe received information that the cryptocurrency was listed on the Singapore Stock Exchange, it announced:
“We are currently investigating offenses in this case, including crypto-infringement of the rights of our artists to take pictures without permission or discuss with the agency. We will take the necessary measures against all violations and abuses. ”
He added that the currency “has nothing to do with BTS,” and urged those who lost their money to contact the police.
According to reports, Bitget responded to this statement by clarifying that, as a trading platform, it was not created and is not responsible for the coin itself. However, the ARMY token was removed from the stock exchange on Friday. The Financial Times reported that the coin was available for trading on Bitget in other jurisdictions, including South Korea.
Founded in Singapore in 2018, Bitget claims to have more than 1.5 million registered users worldwide and is valued at $ 1 billion since its last Series B funding round.
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Bitget has risen to the forefront of the industry after entering into a sponsorship agreement with the Italian football giant Juventus in September and became the official partner of PGL Major Stockholm 2021 in October.
In June, Bitget also signed a partnership agreement with the stablecoin issuer to become one of the first exchanges to include the US dollar (USDC) as collateral for cryptocurrency trading.