After a legal battle with the agency for K-Pop boy band BTS, the Singapore-based Bitget exchange is said to have lost its license.
The Monetary Authority of Singapore has reportedly stopped the Bitget marketplace, following a dispute with an agency for the popular K-Pop boy band BTS.
Army Coin, a new K-Pop-themed crypto
The Financial Times reported that Bitget lost its Singapore license following the contentious listing of Army Coin, a new K-Pop-themed cryptocurrency. The crypto exchange, on the other hand, claims to hold licenses in several countries, including Australia, Canada, and the United States.
The problem began on Oct. 25, when the Bitget exchange published a tweet promoting Army Coin, a cryptocurrency named after fans of the South Korean boyband.
https://www.youtube.com/watch?v=SquYG1RmKC8
Claims that “ARMY coin exists for the good of BTS” and “ARMY coin intends to take care of BTS members for their entire lives” were purportedly made in the ad campaign.
The exchange is accused of violating the band’s image rights by displaying the new cryptocurrency on its website without any authority, complete with the “ARMY” ticker and BTS’s name and pictures.
Army Coin, no affiliation with BTS
The coin had “no affiliation” with BTS, according to the statement, and people who had lost money on it should call the police.
According to sources, Bitget responded to the announcement by stressing that as a trading platform, they did not develop the coin and will have no responsibility for it.
However, on December 3, the exchange delisted the ARMY token. According to reports, the coin was also available for trade on Bitget in new areas, including South Korea.
Bitget, formed in Singapore in 2018, claims to have over 1.5 million registered users worldwide and a market capitalization of US$1 billion following their most recent Series B investment round.
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