SINGAPORE (BLOOMBERG) – The Monetary Authority of Singapore has suspended Bitget, a crypto exchange that got into a dispute after promoting the digital currency Army Coin, named after the South Korean boyband BTS’ followers, the Financial Times reported.
Bitget, a sponsor of Italian football team Juventus, has promoted the Army Coin, saying it was created to give lifetime support to BTS so that the boyband members could focus entirely on making music and other art for the rest of their lives.
In Oct 27, when the coin was listed, the price surged more than 5,000 per cent at one point.
But BTS’s agency Hybe said the coin has no connection with BTS and threatened to take legal action.
In reaction to Hybe’s warning, Bitget announced on Oct 29 that since it is a trading platform and did not create the coin itself, it will not take any responsibility for the listed Army Coin.
Bitget has now removed the regulator’s logo from its website and has blocked Singapore users from accessing its app and website, FT reported. Bitget did not respond to queries from FT.
Bitget said on its website it was set up in 2018 in Singapore and has more than 1.5 million users worldwide.