Singapore regulator suspends cryptocurrency exchange in BTS dispute

SINGAPORE’s regulator has suspended Bitget, a crypto exchange that got into a dispute after promoting the digital currency Army Coin, named after the South Korean boy band BTS’s followers, the Financial Times (FT) reported.

Bitget, a sponsor of Italian football team Juventus, advertised Army Coin as a way to provide lifetime financial support to BTS members. But BTS’s agency Hybe said late October the coin has no connection with BTS and threatened to take legal action.

Bitget has removed the Monetary Authority of Singapore’s logo from its website and has blocked Singapore users from accessing its app and website, the FT reported. Bitget did not respond to queries from the FT.

Bitget said on its website it was set up in 2018 in Singapore and has more than 1.5 million users worldwide. — Bloomberg