Singapore has suspended BitGet cryptocurrency exchange after threatening legal action by South Korean boyband BTS agency for promoting Army Coin digital currency while we read more about the latest crypto news.
Singapore has put the popular digital currency exchange Bitget on hold as it joins a crypto retirement plan that claims to be affiliated with the world’s largest boy band, BTS. Singapore-based Bitget’s move to cease local operations comes at a time when the city-state is looking to establish itself as a global crypto hub. Bitget was threatened with legal action in October by the BTS agency Hybe for promoting the cryptocurrency Military Coin, which was named after supporters of the band called BTS Army. The owner and creator of the coin is still unknown. The platform touted Military Coin as a way to provide lifelong support to members so that they don’t have to worry about their future and can do what they want.
Hybe says the coin has no connection to BTS, but the episode only shows the challenges faced by regulators trying to keep the crypto industry’s control over digital currencies and be widely accepted by retail investors. Last week, the Spanish market regulator criticized soccer player Andres Iniesta in a social media post promoting Binance as the world’s largest cryptocurrency exchange. Singapore has been fairly open to blockchain technology compared to regional competitors like Hong Kong and Tokyo. Popular crypto companies like Ripple, Binance, and Coinbase have all applied for licenses and received a waiver from MAS to serve both institutional and retail clients.
Bitget also received an exemption, but it was removed in July. Both MAS and Bitget offered to provide more details, but the exchange’s services remained available in Singapore until the end of November when they started promoting Army Coin and claimed they had the necessary approvals. Bitget still claims to have licenses in the US, Australia and Canada. At the same time, Army Coin is also listed on Coin Tiger, another cryptocurrency exchange with connections to Singapore. The announcement states that the coin exists in favor of the boy band and will support them financially in the future. Hybe also released a statement stating the coin has no connection to BTS and warned against legal action but declined to comment on the military coin’s creator.