Bitget is flagged by Singapore’s MAS after a disagreement with K-pop band BTS

According to a report by the Financial Times, Singapore’s Monetary Authority has banned Bitget’s activities in the nation. The move comes in the wake of a spat between the K-pop group BTS and the exchange over the latter’s alleged usage of the group’s picture to advertise “Army currency.”

The BTS fans often refers to themselves as ARMY. However, the band’s management company, Hybe, has denied any association with Army Coin.

There’s a Bitcoin called “ARMY coin” and used BTS’s picture to promote. However, it’s not affiliated with BTS or HYBE so HYBE is looking into taking legal action for unauthorized use of the artist’s portrait rights etc. If you bought “ARMY coin,” pls report to the local police. https://t.co/LRiNGNsPDc

— bora ✈️✈️ (@modooborahae) October 28, 2021

Indeed, Hybe has vowed to pursue legal action, alleging, “In addition to violating picture rights, we are now investigating additional legal infractions and will pursue any infringements.”

Bitget seemed to have deleted the Singapore regulator’s emblem from its website after its suspension at the time of writing. Binance.com was also warned in early September in Singapore. As a result, the exchange suspended spot trading and other crypto-related activities in the nation.

Recent regulatory worries surrounding the cryptocurrency sector have kept global regulators on their toes. While the majority of the issues remain, Singapore has shown a greater embrace of the risky asset class. The MAS has been quick to give cryptocurrency licences to platforms such as Binance Asia and Coinbase Singapore, among the 70 sites that filed for digital asset services in the nation.

It is worth noting that the majority of these platforms now operate under an exemption under the local Payment Services Act. Bitget was likewise given an exemption until July, when it was purportedly revoked.

Singapore aspires to be the crypto-leader. race’s

Having said that, Ravi Menon, Managing Director of the Singapore Monetary Authority, recently said in an interview that the island country wants to lead the cryptocurrency race. Indeed, he reaffirmed that the regulator’s activities would not result in a crypto crackdown or prohibition. However, the local crypto industry should anticipate “severe regulation.”

Singapore has a competitive cryptocurrency market. Recently, a Singapore-based blockchain business received USD 1.2 million in the first few days after becoming public. SUBX FINANCE LAB ($SFX), a supplier of Web3 technology, confirmed this in a recent news release.

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