Singapore Suspends Bitget Exchanges To Promote Army Coin To Heat BTS
Singapore’s financial regulator has suspended Bitget, a cryptocurrency exchange that was embroiled in a dispute after promoting Army Coin, a digital currency named after Korean star fan BTS.
Bitget, also a sponsor of the Italian soccer team Juventus, sponsored Army Coin to provide lifelong financial support to BTS members. But BTS ‘parent company, Hybe Corporation, said the coin had no connection with BTS in late October.
In addition, Hybe also threatened to sue the exchange for using the band’s unauthorized image and spreading false information that the coin was made for BTS in order to maximize its profits. The boy band agency stated at the time:
“We are currently investigating possible violations of the law, including violations of artist portrait rights, without consulting the company and will take all legal action against the artist.
After that, this exchange removed the Monetary Authority of Singapore logo and blocked its users from accessing its app and website. They still claim to have licenses from Australia, Canada, and the United States.
According to the website, Bitget was founded in Singapore in 2018 and has over 1.5 million users worldwide. The platform reported that it had 11,626 traders as of Nov. 30, processing a 24-hour trading volume of $ 4 billion.
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