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Bitget reportedly lost his license after promoting Army Coin, named after the group’s BTS army supporters. Singapore’s financial regulator has reportedly suspended Bitget, a crypto exchange that is mired in a row involving South Korea’s biggest boy band, BTS.
Bitget lost Singapore’s license following the controversial listing of a new K-Pop-related cryptocurrency called Army Coin. However, the crypto exchange still claims to have licenses in other jurisdictions such as Australia, Canada, and the United States.
Bitget was suspended after being embroiled in a high-profile dispute promoting the digital currency Army Coin, which is named after the group’s followers, known as the BTS Army, according to a Financial Times report on Sunday.
In October, the platform was threatened with legal action by BTS ‘management company Hybe Corporation for promoting Army Coin to traders by using an unauthorized image of the group and distributing what it said. called false information that the coin was designed for BTS and intended to maximize profits.
Founded in Singapore in 2018, Bitget claims to have over 1.5 million registered users worldwide, and after their latest Series B funding, it is valued at $ 1 billion.
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Sources 2/ https://www.benzinga.com/markets/cryptocurrency/21/12/24538370/singapore-suspends-crypto-exchange-bitgets-license The mention sources can contact us to remove/changing this article |
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