Singapore withdraws the exchange license to record tokens impersonating BTS
The Bitget exchange was licensed by the Singapore government soon after listing a cryptocurrency impersonating the K-pop group BTS. Singapore withdrew the excha...
The Bitget exchange was licensed by the Singapore government soon after listing a cryptocurrency impersonating the K-pop group BTS.
The Monetary Authority of Singapore withdrew the working license of the Bitget exchange soon after the platform listed and shared false facts about a cryptocurrency that claimed to be affiliated with a common K-pop group BTS.
Earlier, on October 25, Bitget announced that it had listed Army Coin (ARMY) – a cryptocurrency that claims to “exist for the benefit of BTS and will be used to care for BTS members.” they get worried additional about money troubles and can do what ever they want for the rest of their existence. ”The Army identify of this coin is taken from ARMY – the identify of the BTS fan neighborhood.
Hybe, the group’s management organization, was notified of the incident and quickly accused Bitget of infringing their copyright by utilizing the BTS identify and picture with no permission. Hybe also explained the group had no ties to the coin and urged these who invested in it to make contact with the police swiftly.
Hybe rep explained:
“We are searching into the legal problems of this situation, as the aforementioned cryptographic task utilized the photographs of our artists with no even asking permission from the governing physique. We are prepared to get legal action towards any this kind of conduct. “
The Bitget exchange subsequently launched an official statement about the incident, stating that they are not the issuer of the coin and hence can’t be held accountable for it. Even so, Bitget eliminated the coin on December 3rd.
Bitget is an exchange that has just lately emerged by way of sponsorship agreements with Juventus Football Club and the CS: GO PGL Major Stockholm 2021 tournament.
The cryptocurrency field has observed lots of thriving celebrity imitation tasks and common culture merchandise for revenue, most notably the squid game token scam in November.
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