Singapore revokes Bitget’s license over a tussle with K-pop band BTS
- Singapore’s financial regulator has suspended the license of Bitget.
- The suspension comes as the exchange is engulfed in a legal tussle with the management company.
- The exchange states that it is still licensed in the US, Canada and Australia.
While Singapore has one of the clearest and solid crypto regulatory frameworks, it ranks as one of the toughest. Singapore’s financial market regulator has reportedly suspended the license of Bitget following a row between the exchange and BTS, one of the largest bands in South Korea.
Bitget is a digital asset platform that is headquartered in Singapore. After its suspension by the Monetary Authority of Singapore (MAS), it removed the MAS logo from its website.
MAS suspends Bitget’s license
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While the MAS logo is no longer on Bitget’s website, the exchange states that it is still licensed in other jurisdictions such as Australia, US and Canada.
The Bitget exchange was launched in 2018 in Singapore. The exchange stated that it has over 1.5 million users globally. The website further states that its valuation increased to over $1 billion after the recent funding round.
The MAS has been vigilant in enforcing crypto regulations. Last month, the regulatory body stated that it would launch stronger regulations for firms that deal in cryptocurrencies.
Moreover, the exchange stated that failure to introduce crypto regulations early enough would lead to Singapore lagging behind. Therefore, the regulator assessed the benefits and risks of crypto assets to develop the best course of action.
The suspension of Bitget comes as Huobi Global, one of the leading exchanges globally, announced that it would be moving its headquarters into Singapore.
Army coin listing attributed to Bitget’s woes
A publication from Financial Times states that Bitget’s suspension stems from a legal tussle between the exchange and the BTS management company. In October, Bitget was threatened with a lawsuit for promoting Army Coin.
The Army Coin token used the unauthorized image of the band. Moreover, the token contained false information stating that it was created for the band to increase its profits.
At the time, the BTS management company clarified that the band was not affiliated with the token. Moreover, the company urged those who had lost money by investing in the token to file reports with law enforcement.
“We are currently reviewing legal violations, including the infringing of an artist’s portrait right, without consulting with the company, and we will take all legal action against infringements and violations,” the company stated.