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Singapore suspends Bitget exchange license over K-Pop coin promotion
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Singapore-headquartered digital asset platform, Bitget, has reportedly been suspended by the Monetary Authority of Singapore after getting into a dispute with an agency for the popular K-Pop boy band BTS.
As reported by the Financial Times on Dec. 5, Bitget lost the Singapore 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.
The issue arose on Oct. 25, when the Bitget exchange shared a tweet promoting Army Coin, which is named after the South Korean boyband's followers.
It allegedly used misleading information such as, “This coin exists for the benefit of BTS” and
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