The Monetary Authority of Singapore has suspended crypto exchange Bitget which is in a dispute with the agency of K-pop boy band BTS over a coin linked with followers.
MAS has suspended Bitget’s Singapore operations, according to a «Financial Times» report, following an existing exemption removal.
Bitget had received an exemption for crypto services in Singapore and while this was removed in July, its services were available in the city-state until late November when it was promoting «Army Coin» – the BTS followers' cryptocurrency in dispute.
The firm has since removed the MAS logo from its website and blocked Singapore users from accessing its app and website, the report added.
«Army Coin»
Army Coin is named after enthusiastic BTS followers, «BTS ARMY», and was listed in October 27 with strong price movements, at one point surging more than 5,000 percent.
Though its owner and creator are unknown, BTS’ agency Hybe publicly stated that the coin has no connection with the South Korean boy band and threatened legal action.
On October 29, Bitget announced that it will not take any responsibility for the listed coin as it is not the creator and only a trading platform.
Bitget History
According to Bitget’s website, the crypto exchange was set up in 2018 in Singapore and has more than 1.5 million users worldwide.
It is also the sponsor of Italian football team Juventus.
