As per the latest reports, a major digital asset exchange headquartered in Singapore had its operations suspended in the country. The name of the particular exchange is Bitget and it reportedly had its operating license suspended in Singapore.
The reports confirm that it is the Monetary Authority of Singapore that has taken action against the exchange. It happened after the exchange underwent a dispute with Hybe.
The data suggests that the dispute between Bitget and Hybe was caused due to a token that the exchange was recently promoting. Hybe is an agency that reportedly represents and promotes BTS, a famous K-Pop boy band.
The news surrounding the feud between the entities and the exchange’s license suspension was shared by the local press on Sunday.
The token that resulted in the feud between Bitget and Hybe was the Army Coin (ARMY). While the exchange has confirmed that its license has indeed been suspended in Singapore, it can still operate in other jurisdictions.
The exchange announced that it can operate freely in countries such as the United States, Canada, and Australia. The announcement surrounding the exchange’s suspension of Bitget in Singapore comes as a huge shock to the entire Singaporean crypto-community.
Among the entire crypto-community, it is the exchange’s user community that has taken the highest amount of hits. They are now shocked over the suspension of the exchange and it has caused a huge shock among the entire community.
The reason behind Bitget losing the license was the Army Coin (ARMY) that had been launched in relation to the K-pop band “BTS”. It was the launch of the promotion by Bitget for the ARMY token that triggered concerns over the entire cryptocurrency community.
The name of the coin suggested that it was inspired by the name of the BTS ARMY that has been given to the fans of the BTS band.
The information provided in the promotion surrounding the coin was proving to be misleading for the entire cryptocurrency community. The promotion suggested that the coin was aimed to take care of the entire BTS community as well as let them benefit from the coin.
Even the images and ticker that the coin creators used were related to the BTS band. It was proving to be extremely misleading for the entire cryptocurrency community. Therefore, Hybe took an action against it, announcing that it had nothing to do with the cryptocurrency.
The agency also announced that the exchange had been doing it without acquiring any permission or getting any authorization for doing so.
In its defense, the exchange announced that it had nothing to do with the creation and launch of the coin. Instead, it had nothing to do with the launch of the coin but it took responsibility for promoting the token.