Bitget exchange has its license suspended by Singapore for promoting Hallyu-related currency ARMY

Singapore-based digital asset platform Bitget has been suspended by the Monetary Authority of Singapore due to a dispute with the management company of Korean pop boy group BTS.

Bitget has lost its license in Singapore after sparking controversy after listing a new K-Pop-related cryptocurrency called Army Coin, the Financial Times reported on Dec. 5. However, the cryptocurrency exchange still claims to have licenses in other jurisdictions such as Australia, Canada, and the United States.

The issue started on Oct. 25 when the Bitget exchange shared a tweet promoting Army Coin, which is named after a BTS fan.

It allegedly used misleading information such as: "The coin exists for the benefit of BTS", "ARMY coin is designed to take care of BTS members for life".

The exchange reportedly violated the boy band's agency's likeness rights by displaying the new cryptocurrency on its website using the code "ARMY" along with BTS' name and picture without permission. .

Brokerage Hybe announced after receiving information that the cryptocurrency had been listed on the exchange:

“We are currently investigating violations in this case, including cryptocurrency violations of our artist’s likeness rights without permission or discussions with this agency. We will take legal action against all violations and violations.”

The company also added that the coin has "no connection" to BTS and urged those who lost funds on the coin to contact the police.

Bitget responded to the statement, clarifying that, as a trading platform, they did not create the ARMY coin itself and will not be held responsible for it. However, the ARMY token was delisted from the exchange on Dec. 3. According to the Financial Times, ARMY can be traded in Bitget’s other jurisdictions, including South Korea.

Founded in Singapore in 2018, Bitget claims to have more than 1.5 million registered users worldwide, and after a recent Series B funding round, its valuation hit $1 billion.

In September, Bitget signed a sponsorship agreement with Italian football giant Juventus, and in October it became the official partner of PGL Major Stockholm 2021, thus becoming the focus of the industry.

In June, Bitget also signed a cooperation agreement with the stablecoin issuer Circle, becoming one of the first exchanges to list USDC as collateral for crypto derivatives transactions.

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