Bitget, a digital asset exchange platform based in Singapore, has been suspended by the Monetary Authority of Singapore. According to reports, the reason for this is a dispute that Bitget has with an agency, Hybe, that represents BTS – the popular K-pop boy band.
On Sunday, the Financial Times reported that Bitget was suspended in Singapore after it controversially listed Army Coin (ARMY) – a new crypto linked to K-pop. In late October, the crypto exchange posted a tweet which promoted the Army Coin, a derivative of BTS’ fanbase – dubbed the BTS ARMY. The ‘ARMY’ itself is an abbreviation for ‘Adorable Representative M.C. for Youth’. Bitget soon came under fire for infringing on the image rights of the South Korean boy band. It is alleged that the crypto platform appropriated the ‘ARMY’ ticker and BTS name and images onto the new token on the Bitget website without permission. Once Hybe got wind of the crypto listing on Bitget’s website, it issued a statement saying:
“We are currently looking into the legal violations in this case, including the cryptocurrency’s infringement on our artists’ portrait rights without permission from or discussion with the agency. We will take legal action against all infringements and violations.”
Despite the suspension, Bitget says that it still retains licenses in other jurisdictions. These include Canada, the US, and Australia. Furthermore, the platform admits no wrongdoing for the Hybe situation, simply stating that it did not create the coin. However, it delisted the Army Coin on Friday.
Image Credits: Pixabay
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