MAS cancels Bitget crypto exchange after conflict over Army Coin – Wired PR Lifestyle Story
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Sunday (December 5) Financial Times reported that the Singapore Monetary Authority (MAS) has suspended local cryptocurrency exchange operations.
In October, Bitget threatened South Korea’s largest BTS group agency, Hybe Corporation, with its promotion of digital currency Army Coin, with a lawsuit named in honor of the BTS fan club.
When the coin was listed on Oct. 27, the price rose by more than 5,000 percent at one point.
The owner and creator of the coin is unknown, and Hybe said a statement that the coin has no “affiliation” with BTS.
“We are currently investigating violations, including violating an artist’s right to a portrait, without consulting with the company, and will take all legal action against violations and violations,” Hybe added.
The platform announced Army Coin as a way to provide lifelong financial support to BTS members “so they don’t have to worry about surviving, but letting them do what they want.”
In response to Hybe’s warning, Bitget announced on October 29 that since it is a trading platform and did not create the coin itself, it would not take any responsibility in the Army Coin listed.
Army Coin is still available for purchase and sale by users
Founded in Singapore in 2018, Bitget is sponsored by the Italian football team Juventus, which claims to have more than 1.5 million users worldwide. His website says it was a business It costs more than $ 1 billion in the last round of funding.
Bitget’s services were available in Singapore until the end of November, when the Army Coin was being promoted. His website continued to claim MAS approval, although the company has since removed the MAS logo displayed on its website.
Bitget says it still has licenses in the U.S., Canada and Australia, according to its website.
Meanwhile, Army Coin is also listed on CoinTiger, another cryptocurrency exchange linked to Singapore. The CoinTiger ad said the coin “exists for the benefit of the BTS,” and that it will “really help them financially.”
The currency is still available for users to buy and sell in other jurisdictions of Bitget, including South Korea, although trading has been highly volatile.
The coin rose in value 78 times a day, from $ 1,000 ($ 1,370) to $ 78,000 in just a few minutes.
Featured Image Credit: Teller Report
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