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According to the Financial Times, MAS has halted Bitget from carrying out operations in Singapore. The regulatory body suspended the license amid a dispute between the exchange and an agency representing BTS.
The matter began in October when Bitget revealed the listing of a token called ARMY Coin, named after the followers of the popular boy band, who are also called BTS ARMY. Interestingly, as part of its efforts to promote the 'coin', the platform said that the new token will financially settle BTS members for life.
According to a post by the exchange at the time:
However, Hybe Corporation came out to say that the token was not affiliated with the popular boy band. Also, the company stated that the information spread by Bitget about the ARMY Coin was false, adding that the crypto exchange used the BTS image to promote the token without proper consultation.
Hybe said that persons who experienced financial losses as a result of investing in the coin should report to authorities. Subsequently, the entertainment company threatened to take legal actions against Bitget.
Bitget Blocks Access to Users in Singapore
Meanwhile, Bitget responded to Hybe's claims, stating that it is a trading platform and does not make coins itself, adding that the cryptocurrency exchange had no links to the controversial token. Also, the exchange reportedly said that it would not take responsibility for the coin.
Although Bitget delisted the ARMY Coin and removed the MAS logo from its website, the ARMY Coin is still available in other jurisdictions on Bitget including South Korea, according to the Financial Times. In addition to removing the MAS logo, the exchange has also blocked users in Singapore from accessing Bitget's app and website.
While the company has lost its regulatory license in Singapore, Bitget claimed that it still has the authorization to operate in Canada, Australia, and the United States.
Back in September, the crypto company became the first sleeve sponsor for Italian football club giant, Juventus. The sponsorship deal which will create greater visibility for Bitget's name and logo will appear on the sleeve of the club's jerseys.
With the continuous rise of cryptocurrency, regulators globally are seeking ways to regulate the industry to protect investors and prevent the use of crypto for money laundering and other illicit activities.
Recently, the National Securities Market Commission (CNMV), Spain's market regulator warned soccer star Andres Iniesta after the footballer promoted crypto exchange giant Binance, on his Instagram and Twitter accounts.