Singapore’s financial regulator has reportedly suspended Bitget, a crypto exchange that is mired in a row involving South Korea’s biggest boy band, BTS.
Bitget has removed the Monetary Authority of Singapore logo from its website, the Guardian has confirmed. The platform still claims to have licenses from Australia, Canada and the United States, according to its website.
Bitget was suspended after being embroiled in a high-profile dispute promoting the digital currency Army Coin, which is named after the group’s followers, known as the BTS Army, according to a Financial Times report on Sunday.
In October, the platform was threatened with legal action by BTS ‘management company Hybe Corporation for promoting Army Coin to traders by using an unauthorized image of the group and distributing what it said. called false information that the coin was designed for BTS and intended to maximize profits.
BTS made history earlier this year after being named World Recording Artist of the Year for 2020 by the International Federation of the Phonographic Industry, becoming the first act to perform in a language other than ‘English to be at the top of the annual ranking.
In a statement at the time, Hybe said the coin had “no affiliation” with BTS and urged anyone with financial damage related to Army Coin to file a report with the nearest police station.
“We are currently reviewing violations of the law, including violation of an artist’s portrait right, without consulting the company, and we will take all legal action against violations and violations. “
Founded in Singapore in 2018, Bitget sponsors the Italian football team Juventus and boasts more than 1.5 million users worldwide. Its website claims the company was valued at over $ 1 billion (around £ 760million) in the last round of funding.
The platform reported that as of November 30, it had 11,626 traders handling a 24-hour trading volume of $ 4 billion. He presented a Turkish website on November 5.
The episode illustrates the complexity and transnational nature of cryptocurrencies, and comes as the Asian city-state seeks to establish itself as the world’s premier digital currency center.
The Monetary Authority of Singapore (MAS) announced last month that it was introducing “strict regulations” for companies that deal in cryptocurrencies. “With the crypto-based business, this is essentially an investment in the prospective future, the form of which is unclear at this point,” said Ravi Menon, Managing Director of MAS, in an interview with Bloomberg.
He added: “But in order not to get into this game, I think Singapore is in danger of being left behind. Getting into this game early means we can get a head start and better understand its potential benefits as well as its risks. “
Bitget has been contacted for comment.