Bitgit is in the middle of a legal dispute with BTS’ agency, Hybe, after the trading platform listed an unofficial digital currency called Army Coin and implied that it was linked to BTS
The Monetary Authority of Singapore (MAS) has suspended Bitget, a crypto exchange that recently got into trouble when they promoted a digital currency called Army Coin which is named after South Korean boyband BTS’ fans, according to the Financial Times.
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Bitget promoted the Army Coin by saying that it was created to give BTS lifetime financial support. This was so that they could focus on making music for the rest of their lives.
On October 27 this year, when the coin was listed, the price surged by over 5,000 per cent.
However, BTS’s agency, Hybe, has said that the coin is not related to BTS at all and is now threatening legal action against Bitget for using an unauthorised image of the band and distributing the coin under BTS’ name to maximise their profits.
“We are currently reviewing legal violations, including the infringing of an artist’s portrait right, without consulting with the company, and we will take all legal action against infringements and violations,” Hybe said in a statement.
On October 29, however, Bitget announced that it would not be taking any responsibility for listing the Army Coin as they are simply a trading platform and did not create the coin itself.
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Now, Singapore has suspended the use of Bitget following this dispute and the trading platform has removed the Monetary Authority of Singapore’s logo from its website.
That said, Bitget still has licences from Australia, Canada and the United States, according to its website.
Bitget was set up in Singapore in 2018 and currently has over 1.5 million users worldwide. It also sponsors the Italian football team Juventus.
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