• Bitget is being suspended by Singapore authorities after a dispute with BTS.
• Hybe, who is behind BTS denied that they had any connection with Bitget.
• Bitget listed Army Coin and violated the members’ portrait rights.

Singapore’s financial regulators have suspended Bitget, a fast-growing crypto exchange platform, after listing and promoting the digital currency Army Coin. Named after the powerful fans of the biggest boy group in the world–BTS, Bitget intended to use these coins to provide “lifetime financial support for BTS”.

However, on October 29, Hybe–the corporation behind BTS, released a statement denying the band’s connection to the cryptocurrency.

It is not connected with the cryptocurrency, and was added to our list without discussion. BTS photos were also used without permission from Big Hit Music to promote the cryptocurrency.

Hybe also stressed that it will take legal action against the cryptocurrency exchange for violating the artists’ portrait rights. Bitget used the members’ photos without getting permission from BigHit Music. The members also advised the public not to fall for these scams.

Currently, we have confirmed that the cryptocurrency has been sharing false information with traders in group chats such as, “This was made for BTS” and “This exists to maximize BTS’s profits.” We ask that everyone be careful in order to avoid falling victim. If you feel that you’ve been financially victimized by cryptocurrency, contact the nearest police department or investigative agency immediately.

Bitget is also the sponsor of Juventus football team in Italy. The Financial Times contacted Bitget and they removed the Monetary Authority of Singapore’s (MAS) logo. The site and app are also blocked from Singaporeans.

Moreover, after the initial release of the coin, its price rose by 5000%, but it eventually fell in November.

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