Bitget crypto exchange loses license in Singapore

The Singapore cryptocurrency exchange called Bitget is reportedly having a dispute with the Singapore authorities. This after the exchange promoted a coin of the popular K-Pop boy band ‘BTS’.

Promotion of ARMY coin

Reportedly, Bitget has since lost its license to operate as a crypto exchange in Singapore. The exchange had added a new K-Pop related cryptocurrency to their platform called Army Coin. It would specifically concern the license in Singapore, as the exchange has announced that its licenses in other jurisdictions such as Australia, Canada and the United States have not been revoked.

The problem originally started on October 25 of this year, after the crypto exchange Tweet shared about the listing of Army Coin. It allegedly used misleading information such as “This coin exists for the benefit of BTS” and “The ARMY coin aims to provide life for BTS members”. However, this later turned out not to be true.