Thursday, January 27, 2022

Singapore financial regulator suspends Bitget exchange after a dispute with Korean pop group BTS.

The Takeaway:

The Monetary Authority of Singapore has suspended the crypto exchange Bitget from operating after a dispute relating to Korean pop group BTS.

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Singapore’s financial regulator, the Monetary Authority of Singapore, has suspended the crypto exchange Bitget after an incident related to Korean pop group BTS. The dispute occurred because Bitget promoted a cryptocurrency called Army Coin, which is named after the boy band’s fan following. Bitget used the band’s images and attracted attention after it said it would provide lifetime financial support for BTS fans.

 

The Monetary Authority of Singapore suspends Bitget

In late October, BTS’ managing agency Hybe said that the asset had no official connection to the group and threatened legal action if no changes took place. Following the suspension from the financial regulator, the crypto exchange has removed the Monetary Authority of Singapore’s logo from the website, and Singapore users are unable to access both the platform’s app and the website. Hybe also said that any individual who has experienced financial losses as a result of purchasing the asset should file a report at the nearest police station.

 

BTS’s agency is currently reviewing legal violations.

BTS’s agency said, “We are currently reviewing legal violations, including infringing an artist’s portrait right, without consulting with the company, and we will take all legal action against infringements and violations.”

Bitget was founded in Singapore in 2018 and has sponsored Italian football team Juventus, and reportedly has licenses in Australia, Canada, and the United States. But with crackdowns specifically focused on exchanges on the rise, it may find itself under scrutiny. Cryptocurrency exchanges and stablecoins, and taxation are currently at the center of regulatory scrutiny in many countries. While Asian countries like Singapore, South Korea, and Japan permit investment in the cryptocurrency market, they are taking strong action to ensure compliance standards are met.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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