Singapore’s MAS has suspended the Bitget crypto exchange for the promotion of Army Coin

The Singapore Monetary Authority has officially suspended the Bitget exchange after a dispute over the Military Coin named after a fan of the boy band. The cryptocurrency exchange has advertised them as lifelong financial support for the band’s fans, even though they have no official affiliation with the group.

Singapore regulator is suspending crypto exchange Bitget due to disputes with Korean band BTS

The exchange capitalized on the band’s image and attracted attention after announcing it would provide lifelong financial support to BTS fans. BTS agency Hybe said in late October that the property had no official connection with the group and also threatened legal action if no changes were made.

After being suspended by the regulator, Bitget removed the Monetary Authority of Singapore logo from its global website. After that, users in Singapore will not be able to access the platform’s apps or the internet. Hybe also said any person who has suffered financial loss from purchasing the property should file a complaint with the nearest police station.

“We are currently examining possible legal violations, including the violation of portrait rights of an artist, without consulting the company and will take legal action in the event of violations and violations,” said the exchange.

Bitget was founded in Singapore in 2018 and has sponsored the Italian soccer club Juventus and is said to have licenses in Australia, Canada and the USA. But with increasing raids, specifically focused on exchanges, it could come under scrutiny.