Bitget, a Singapore-headquartered venue of digital assets, is reported to have been blocked by Singaporean Monetary Authority following its indulgence into contention with an organization over the promotion of BTS (the boy bank of K-Pop). According to the 5th December report of the Financial Times, the exchange lost the license thereof after it controversially listed Army Coin (unique crypto issued by K-Pop). Nonetheless, the exchange of cryptocurrency even now asserts to possess a license in the case of other jurisdictions like the United States, Canada, and Australia.
The problem intensified on 25th October when the respective exchange moved to its official Twitter account to share a post for the promotion of Army Coin, which is entitled after the followers of the South Korea-based boyband. It was accused of having utilized misleading information. Additionally, the respective exchange surpassed the portrait rights of the agency by showcasing the latest crypto on the website thereof by utilizing the ticker ARMY and the name as well as images of BTS without acquiring any permission.
Once the information was received by the agency Hybe that the respective token had been listed on the exchange, they declared that the agency is presently observing the legal violations done by the exchange with taking into account the crypto token’s infringement regarding the rights concerning the portrait rights of the artists without discussing with or receiving permission from the agency.
Thus, the regulator declared to confront the exchange legally over its infringements as well as violations. It additionally mentioned that the token did not have any association with BTS as well as persuaded those who had wasted their money to communicate with the police. While responding to this statement, Bitget tried to clarify that being a venue for crypto trading it did not develop the token on its own and will not either take any accountability in this respect.
Nevertheless, on 3rd December, the respective token had been delisted by the Bitget. It was reported by FT that the token was accessible to be traded within the other Bitget-related jurisdictions including South Korea.
Having its foundation laid in 2018, the exchange asserts to have more than 1.5M registered consumers across the globe, and subsequently, their latest funding of Series B has a cumulative valuation of up to US$1 Billion. The respective exchange entered the industry of asset class after having a contract with Juventus (a soccer company based in Italy) in September.