Singapore’s financial regulators have suspended a prominent digital currency exchange in the middle of the column, including a crypto-pension scheme claiming a link to South Korea’s largest boy band BTS.
Singapore’s move to suspend the local operations of Italian football team Juventus shirt sponsor Bitget is due to the city-state’s attempt to establish itself as a global crypto hub.
In October, Bitget was threatened by BTS agency Hybe’s legal action over the promotion of the digital currency Army Coin, named after the group’s enthusiastic follower BTS ARMY. The owner and creator of the coin is unknown.
The platform was promoting Army coins as a way to provide lifelong financial support BTS Members said, “You don’t have to worry about surviving, but let them do what they want instead.” According to Haibe, the coin has nothing to do with BTS.
This episode highlights the challenges faced by regulators seeking to curb the crypto industry as digital currencies become more widely accepted by retail investors.
Spanish market regulator last week Criticized soccer player Andres Iniesta Through a social media post promoting Binance, the world’s largest crypto exchange.
Singapore, a free trade center and financial center, More open to technology Than local rivals such as Hong Kong and Tokyo.
Popular cryptocurrency companies Binance, Ripple and Coinbase have applied for licenses and have been granted an exemption from the Monetary Authority of Singapore to serve both individual customers and institutional investors.
Bitget was also tax exempt, but it was removed in July, according to people familiar with the matter. Both Bitget and MAS refused to provide details on why Bitget’s tax exemption was removed.
However, Bitget’s service remained available in Singapore until it promoted Army Coin in late November and continued to claim that its website had MAS approval.
The company then removed the MAS logo from the site after being contacted by the Financial Times, blocking Singapore users from accessing the app or website. Bitget claims to still have licenses in the US, Canada and Australia.
Bitget did not respond to FT inquiries as to why Singapore residents could use the service even after the exemption was revoked.
Meanwhile, Army Coin is also listed on Coin Tiger, another cryptocurrency exchange affiliated with Singapore. According to CoinTiger’s announcement, the coin “exists for the benefit of BTS” and “true financially supports BTS”.
Haibe issued a statement in October, stating that the coin was “unrelated” to BTS and warned that it would “take legal action,” but declined to comment on the creators of the Army coin.
Trading is very volatile, but users can buy and sell coins in other Bitget jurisdictions, including South Korea.
FT analysis shows that coins fluctuate up to 78 times their value in a single day and rise back and forth between $ 1,000 and $ 78,000 within minutes.
The difficulty for Singapore’s regulators, like any other jurisdiction, was the inability to prevent people from buying dangerous assets, says author Valun Mittal. Singapore: Fintech Nation..
“If someone has a terrible feeling about spending money on these exchanges, regulators can’t stop them,” Mittal said.
Cryptocurrency companies are stepping up their advertising efforts to take advantage of the growing interest of investors.Singapore-based cryptocurrency platform Crypto.com paid over $ 700 million in November Naming rights for Staples Center, Los Angeles stadium.
Bitget announced a sponsorship agreement with Juventus in September. The exchange name and logo will appear on the team’s black-and-white shirt as the club’s first “sleeve sponsor.”
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Singapore suspends crypto exchange over spat with K-pop group BTS Source link Singapore suspends crypto exchange over spat with K-pop group BTS
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