Bitget trades extended license in Singapore to support Korean wave ARMY

Singapore-based wealth platform Bitget is known to have been suspended by Singapore financial authorities due to a dispute with the brokerage firm of Korean pop music youth group BTS.

Bitjet sparked controversy when it listed Military Coins, a new cryptocurrency linked to Korean pop music (K-Pop), in Singapore and lost its license, according to a Financial Times (FT) report of the 5th. . However, cryptocurrency exchanges are still recognized as permitted in other regions such as Australia, Canada, and the United States.

The incident began on October 25 when Bitget Exchange announced a tweet in favor of Military Coins following a BTS fan.

He is known to have used misinformation such as “coins available on BTS” and “army coins to monitor BTS members for the rest of their lives”.

According to the report, the exchange violated the portrayal of the youth organization by posting the code, name and image "ARMY" on BTS's website without permission.

After receiving reports that the cryptocurrency was publicly traded, brokerage firm Hybe announced:

He added: "In this case, we are looking for violations such as violations of our artists, or we are in talks with our organization," he said.

The company also claims that Coin "has no contact" with BTS.

In this regard, Bitget made it clear that he did not develop the ARMY Coin trading platform itself and that he has no responsibility in this regard. However, the ARMY token was removed from the exchange on December 3. According to a report by the British "Financial Times", the ARMY could invest in alternative companies to Bitget, in particular in South Korea.

Bitget was launched in Singapore in 2018 and claims to have over 1.5 million registered users worldwide, and was recently valued at $ 1 billion after financier B.

Bitjet signed a sponsorship deal with Italian football giant Juventus in September and in October became a partner with giant PGL Stockholm 2021, gaining ground with the industry.

In June, Bitget also signed an agreement with secure bitcoin issuer Circle, making it one of the first exchanges to register USDC as a commitment to the crypto industry.