Singapore-based exchange Bitget has reportedly lost its license once a legal tussle with the agency representing K-pop boy band BTS.
Singapore-headquartered digital asset platform Bitget has reportedly been suspended by the financial Authority of Singapore once entering into a dispute with center representing the popular K-pop boy band BTS.
As according by the monetary Times on Sunday, Bitget lost the Singapore license following the arguable listing of a brand new K-pop-related cryptocurrency known as Army Coin (ARMY). However, the crypto exchange still claims to possess licenses in alternative jurisdictions like Australia, North American nation and also the united states.
The issue arose on October. 25 once Bitget shared a tweet promoting ARMY Coin, that is known as once the South Korean boy band’s followers, called the BTS ARMY — an abbreviation of “Adorable Representative M.C. for Youth.”
It allegedly used misleading info like “This coin exists for the good thing about #BTS” and “ARMY coin aims to require care of BTS members for life.”
The exchange reportedly violated the boy band’s portrait rights by showcasing the new cryptocurrency on its web site using the “ARMY” ticker and BTS’ name and pictures without permission.
Once the agency, Hybe, received data that the cryptocurrency had been listed on the Singapore-based exchange, it announced:
“We are currently looking into the legal violations in this case, including the cryptocurrency’s infringement on our artists’ portrait rights without permission from or discussion with the agency. We will take legal action against all infringements and violations.”
It added that the coin had “no affiliation” with BTS and urged those who had lost cash on that to contact the police.
Bitget responded to the statement, in keeping with reports, by informative that as a trading platform, it didn't produce the coin itself and takes no responsibility for it. However, the military token was delisted by the exchange on Friday. The money Times reported that the coin was accessible for trading in alternative jurisdictions on Bitget, as well as in South Korea.
Founded in Singapore in 2018, Bitget claims to own over 1.5 million registered users worldwide, and once its most recent Series B funding round, it’s valued at $1 billion.
( Inigo Vaca, Cointelegraph, 2021)