In Brief:
- MAS has suspended a leading digital currency exchange, Bitget, over a dispute with K-pop group BTS.
- The dispute arose due to Bitget promoting the digital currency “Army Coin” named after the band’s followers, who are known as the BTS Army.
Singapore’s financial regulator, The Monetary Authority of Singapore (MAS) has suspended a leading digital currency exchange, Bitget over a fall out with K-pop group BTS.
Bitget was suspended after it got into a feud for promoting the digital currency “Army Coin,” which is named after the Korean band’s fans, who are known as the BTS Army.
BTS management company, Hybe Corporation had issued a statement this year in October saying that the coin had “no connection” with BTS and warned that it would also “take legal action”.
Hybe had also threatened the platform for promoting Army Coin to traders using an unlicensed image of the band and sharing it with a fake propaganda that the coin was made for BTS and designed to maximise its profits.
Hybe had also clarified in a statement that the coin had “no affiliation” with BTS and appealed to anyone who had incurred financial loss due to Army Coin to file a report at their nearest police station.
Nevertheless, the coin is still accessible for users to buy and sell in other authorities on Bitget. It is also available in South Korea, although trading there has been extremely volatile.
Time and again, MAS has clamped down on firms failing to align with its regulation. For instance, Huobi Global shut down its service in Singapore to comply with the regulations.
