The Monetary Authority of Singapore (MAS) has suspended BitGet – a Singapore-based digital currency exchange that got into a dispute after promoting the digital currency Army Coin, named after the South Korean boy band BTS’s followers.
The ‘world’s “largest crypto copy trading platform” and also a jersey sponsor of Italian football team Juventus, found itself at the centre of a row involving a crypto pension scheme linked to the band.
In October BitGet was threatened with legal action after it had advertised Army Coin as a way to provide lifetime financial support to BTS members “so they do not have to worry about surviving, but instead let them do what they desire to do”.
🚨Attention to all #ARMYs out there
— Bitget (@bitgetglobal) October 25, 2021
In an official statement, Hybe claimed the coin had no connection with BTS.
It then said there were “no proper negotiations regarding this Singapore-based cryptocurrency regarding BTS promoting the platform”, and warned that the cryptocurrency promotes itself as being “created to maximise BTS’s profit”, which it labelled as a “scam”.
Same as popular crypto companies – Binance, Ripple and Coinbase – who have applied for licences and been granted exemptions by the MAS to serve both retail and institutional clients, Bitget had also received an exemption.
However, it was understood to have been removed in July but the company’s services were still available. The MAS logo has since been removed from its site, and Singapore users have been blocked from accessing its app and website.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.