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Singapore's crypto exchange suspended after dispute with South Korea's boy band

Singapore's crypto exchange suspended after dispute with South Korea's boy band

Last updated 23rd Sep 2022
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The Monetary Authority of Singapore has reportedly suspended a crypto exchange known as Bitget, following an alleged dispute with South Korea’s K-pop boy band, BTS.

BTS is a successful seven-member boy band based in South Korea and managed by Hybe Corporation, formerly known as Big Hit Entertainment. 

At the time of this publication, BTS announced a break, saying, “We would like to inform you that BTS is planning to take a second official extended period of rest since their first in 2019.”

They added, “It will also be the first time for them since their debut to spend the holiday season with their families.”

Bitget used misleading information in a promotional tweet 

Bitget is reported to have promoted Army Coin, a cryptocurrency named after BTS’s followers using their images and hashtag without permission.

Bitget’s promotional tweet reportedly used misleading information in which they wrote, “This coin exists for the benefit of #BTS,” and “ARMY coin aims to take care of BTS members for life, so they do not have to worry about surviving but instead let them do what they desire to do.”

Earlier this year, the exchange applied for a license to expand into the US. 

According to Bitget’s website, they claim to have obtained licenses in four countries. 

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BTS denies affiliation with Army Coin

On receiving news that Army Coin had been listed, Hybe issued a statement saying, “We have received information that Army Coin has been listed on Bitget, a crypto exchange located in Singapore. However, we have nothing to do with the crypto whatsoever.” 

They further warned to take legal action saying, “We are currently looking into the legal violations in this case, including the cryptocurrency’s infringement on our artists’ portrait rights without permission from or discussion with the agency.”

Bitget, unmoved by the threats, said they did not create the coin and won’t take any responsibility for it. 

However, the crypto exchange is said to have delisted Army Coin on December 3, but continues to trade other coins such as bitcoin, ethereum, and altcoins.

Bitget’s major wins

In September 2021, Giorgio Ricci, Chief Revenue Officer of Italian Soccer giants Juventus F.C. confirmed Bitget to be the club’s official partner. “It is a pleasure to welcome Bitget as the first Juventus Sleeve Partner and help them increase their awareness across our fanbase worldwide,” he said.

Walter Akolo

Walter Akolo

Walter is a writer from Nairobi, Kenya. He covers the latest news on the cryptocurrency market and blockchain industry. Walter has a decade of experience as a writer.