Singapore suspends crypto exchange Bitget

RIYADH: The regulator in Singapore has suspended Bitget, a crypto exchange that got into a fray after promoting the digital currency Army Coin, which is named after the followers of South Korean boy band BTS, Bloomberg reported.

Bitget, the sponsor of Italian soccer team Juventus, describes the army coin as a way to provide lifelong financial support to BTS members, but BTS’ agency Hybe said the coin has nothing to do with BTS and threatened legal action.

Bitget has removed the Singapore Monetary Authority logo from its website and blocked Singapore users from accessing the app and website, according to Bloomberg.

It also said on its website that it was established in 2018 in Singapore and has more than 1.5 million users worldwide.

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