Crypto Exchange Bitget Suspended

Crypto Exchange Bitget Suspended After Spat With K-pop Group BTS

  • Bitget has been suspended by Singapore officials due to a dispute with BTS.
  • The company behind BTS, Hybe, has denied any ties to Bitget.
  • Army Coin was listed on Bitget, and the members’ picture rights were breached.

After launching and promoting the digital currency Army Coin, Singapore’s financial regulators have halted Bitget, a fast-growing crypto trading platform. Bitget wanted to utilise these coins to give “lifetime financial support for BTS” and was named after the strong followers of the world’s biggest boy band–BTS.

However, BTS’ parent company, Hybe, issued a statement on October 29 rejecting the band’s involvement with cryptocurrencies.

The agency has no connection with this cryptocurrency and it was listed without any discussion with us. Furthermore, photos of BTS were used to promote this cryptocurrency without the permission of Big Hit Music.

Hybe further stated that the bitcoin exchange will face legal action for infringing on the artists’ portrait rights. Bitget exploited the members’ photographs without BigHit Music’s authorization. They also cautioned the public to be cautious in order to avoid becoming victims.

ALSO READ: Shiba Inu Army Rallies For SHIB Pump, ETH Whale Buys 28.2 Billion Shiba

Currently, we have confirmed that the cryptocurrency has been sharing false information with traders in group chats such as, “This was made for BTS” and “This exists to maximize BTS’s profits.” We ask that everyone be careful in order to avoid falling victim. If you have been financially victimized, please immediately inform the nearby police or investigation agency.

Furthermore, after being approached by the Financial Times, Bitget, a sponsor of the Italian football team Juventus, has removed the Monetary Authority of Singapore (MAS) emblem from their website. Users from Singapore are likewise unable to use the site or app.

Furthermore, the price of the currency increased by 5000 percent when it was first issued, but then decreased in November.

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