{"id":14785,"date":"2021-12-06T07:48:40","date_gmt":"2021-12-06T06:48:40","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=14785"},"modified":"2021-12-06T07:48:50","modified_gmt":"2021-12-06T06:48:50","slug":"singapore-revokes-bitget-exchange-license-over-k-pop-campaign","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/singapore-revokes-bitget-exchange-license-over-k-pop-campaign\/","title":{"rendered":"Singapore revokes Bitget exchange license over K-POP campaign"},"content":{"rendered":"\n
According to sources, Bitget <\/a>reacted to the announcement by stressing that as a trading platform, they did not develop the coin and will have no responsibility for it.<\/h5>\n\n\n\n
\"Singapore<\/figure>\n\n\n\n

The Monetary Authority of Singapore has allegedly stopped Bitget\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, a Singapore-based digital asset marketplace, following a disagreement with an agency for the popular K-Pop boy band BTS.<\/p>\n\n\n\n

According to the Financial Times, Bitget lost its Singapore license after the contentious listing of Army Coin, a new K-Pop-related cryptocurrency. The crypto exchange, on the other hand, claims to hold licenses in several countries, including Australia, Canada<\/a>, and the United States.<\/p>\n\n\n\n

The problem began on Oct. 25, when the Bitget exchange published a tweet advertising Army Coin, a cryptocurrency named after fans of the South Korean boyband.<\/p>\n\n\n\n

It allegedly included deceptive statements like “This currency exists for the good of BTS” and “ARMY coin intends to take care of BTS members for the rest of their lives.”<\/p>\n\n\n\n

\"Singapore<\/figure><\/div>\n\n\n\n

The exchange allegedly infringed the band's picture rights by displaying the new cryptocurrency on its website without authorization, utilizing the “ARMY” ticker and BTS's name and photographs.<\/p>\n\n\n\n

When Hybe learned that the cryptocurrency had been listed on the Singapore<\/a>-based exchange, they made the following announcement:<\/p>\n\n\n\n

\u201cWe are currently looking into the legal violations in this case, including the cryptocurrency\u2019s infringement on our artists\u2019 portrait rights without permission from or discussion with the agency. We will take legal action against all infringements and violations.\u201d<\/p><\/blockquote>\n\n\n\n

The coin had “no relationship” with BTS, according to the statement, and people who had lost money on it should call the authorities.<\/p>\n\n\n\n

According to sources, Bitget reacted to the announcement by stressing that as a trading platform, they did not develop the coin and will have no responsibility for it. However, on December 3, the exchange delisted the ARMY token. According to the Financial <\/a>Times, the currency was accessible for trade on Bitget in additional territories, including South Korea.<\/p>\n\n\n\n

Bitget, which was founded in Singapore in 2018, claims to have over 1.5 million registered users globally and is valued at US$1 billion after its most recent Series B fundraising. After signing a sponsorship contract with Italian soccer powerhouse Juventus in September and becoming an official partner of PGL Major Stockholm <\/a>2021 in October, Bitget was thrust into the limelight.<\/p>\n\n\n\n

Bitget also partnered with stablecoin issuer Circle in June to become one of the first exchanges to accept USD Coin<\/a> (USDC) as collateral for crypto derivatives trading.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to sources, Bitget reacted to the announcement by stressing that as a trading platform, they did not develop the coin and will have no responsibility for it. The Monetary Authority of Singapore has allegedly stopped Bitget , a Singapore-based digital asset marketplace, following a disagreement with an agency for the popular K-Pop boy band […]<\/p>\n","protected":false},"author":13,"featured_media":14798,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5830,5831,5832,5582],"class_list":["post-14785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitget-exchange","tag-bitget-trading","tag-k-pop","tag-singapore-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/12\/image-71.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=14785"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14785\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/14798"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=14785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=14785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=14785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}