Singapore’s financial regulator has reportedly suspended Bitget, a crypto exchange that has stuck in row with South Korea’s biggest boyband, BTS.
Bitget has removed the Monetary Authority of Singapore logo from its website, the Guardian confirmed. The platform still claims to have licenses from Australia, Canada, and the United States, according to its website.
According to a Financial Times report on Sunday, Bitget was suspended after it got into a high-profile dispute over promoting the Army Coin digital currency, named after supporters of the band known as the BTS Army.
In October, the platform was threatened with legal action by BTS management company Hybe Corporation for promoting Army Coin to traders exploiting the team’s unauthorized image and spreading false information, according to her, that the coin was produced for BTS and was intended to maximize its profits.
BTS made history earlier this year after being recognized by the International Federation of the Phonographic Industry as the world’s best-performing 2020 performers, becoming the first non-English artist to top the annual ranking.
In a statement at the time, Hybe said the coin “has no connection” to BTS and called on anyone suffering financial damage from Army Coin to file a report with the nearest police station.
“We are currently analyzing violations of the law, including violation of the right to an artist portrait, without consulting the company, and will take all legal action against violations and violations.”
Founded in Singapore in 2018, Bitget sponsors the Italian soccer team Juventus and claims to have over 1.5 million users worldwide. His website says the company was valued at over $ 1 billion (around £ 760 million) in its recent funding round.
The platform reported that as of November 30, it had 11,626 traders serving a 24-hour trading volume of $ 4 billion. On November 5, she launched a Turkish website.
The episode illustrates the complexity and transnational nature of cryptocurrencies and comes as the Asian city-state seeks to become the world’s leading hub for digital currencies.
The Monetary Authority of Singapore (MAS) said last month it was introducing “strong regulations” for cryptocurrency companies. “Thanks to cryptocurrency-driven operations, it is basically an investment in a promising future, the shape of which is not clear at the moment,” said Ravi Menon, managing director of MAS, in an interview with Bloomberg.
He added: “But in order not to get into the game, I think I’m risking Singapore falling behind. Getting into the game early means we can have an edge and better understand the potential benefits as well as the risks.
Bitget was contacted for comment.