The Monetary Authority of Singapore has suspended the licence of Bitget, the Singapore-based crypto exchange following a dispute over its promotion of cryptocurrency Army Coin (ARMY) named after followers of South Korean boy band, BTS. On 25 October, Bitget exchange’s tweet promoting ARMY allegedly contained misleading information suggesting that the crypto provided financial support to BTS members. BTS’ agent, Hybe, issued an announcement denying any connection between ARMY coin and BTS and stating that it is looking into possible infringements of BTS’ portrait rights and other possible legal violations arising from the case.
Source: https://cointelegraph.com/news/singapore-suspends-bitget-exchange-license-over-k-pop-coin-promotion
CH-019413 (Webpage Portal) 2021-12-06 (Published) 2021-12-09 (Updated)
