Singapore has recently placed a cryptocurrency exchange platform under suspension after it has promoted a token named after famous K-Pop group BTS’ fandom nickname — Army Coin.
The exchange firm, Bitget, got involved in a dispute with the South Korean boyband’s agency, Hybe, for promoting Army Coin. In response to that, the Monetary Authority of Singapore (MAS) has decided to outright suspend Bitget in the country. This means that Singapore-based Bitget users will not longer be able to access the app and the website of the platform. Moreover, Bitget has removed MAS’ logo from its platforms.
Bitget did more than just promoting the Army Coin, as it has also touted that the token is being exchanged and that the proceeds from the token would go to the members of BTS.
Previously, Hybe has issued a statement that they are not affiliated with the emerging Army Coin. Hybe said that the crypto firm is banking on the K-pop group’s popularity to promote the Army Coin without first discussing with the agency beforehand.
The agency warned the followers of BTS about the individuals spreading false information, saying that the profit gained from Army Coin would go to BTS. As for those who will be victimised by the Army Coin, Hybe urged them to get in touch with the authorities.
As such, Hybe went on to urge those who will be victimized by the crypto named after the followers of BTS to get in touch with the authorities.
