Singapore-Based Exchange Bitget Reportedly Got Its License Suspended For Promoting a Particular K-Pop Coin without Consent

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Bitget, a crypto exchange based in Singapore, has purportedly got its license suspended by the Singaporean Monetary Authority after it found itself in a heated legal argument against the agency representing the world phenomenon K-pop boy group BTS.  The reports show that Bitget ran a promotion for a coin that supposedly represents the boy band, “the Army Coin” (ARMY), without BTS’ management company Hybe Corporation’s consent. Notably, the ticker ARMY pays homage to the popular K-pop group’s fan base known as the BTS ARMY.

This whole issue started when Bitget posted a promotion for the ARMY coin in its official Twitter profile, claiming that the coin was made for the benefit of the boy band’s vast fan base and “to take care of the BTS members for life.” This earned the ire of Hybe, who later claimed that the exchange not only used the boy band’s portrait rights, BTS’ name and images, and the ARMY ticker for the new crypto on its website without their permission, but it also allegedly supplied misleading information about it.

Hybe is now reportedly investigating every legal violation or infringement accounts Bitget may have incurred for its haphazard promotion. According to Hybe, as convincing as the coin may appear to be, it has no affiliation whatsoever with the BTS brand. They are now actively urging everyone who unknowingly lost money purchasing the coin, thinking that they are supporting BTS, to contact the police as soon as possible.

As for its issue with Bitget, the corporation intends to take every legal action possible against the exchange. Bitget, on the other hand, claims that it still has a license to operate on other territories, including the United States, Canada, and Australia.

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