Singapore’s financial regulator bans crypto exchange Bitget for misleading customers with fake ARMY coins. The exchange has promoted the ARMY crypto tokens targeting BTS Army, followers of South Korea’s biggest boyband.
The Monetary Authority of Singapore (MAS) has suspended Singapore crypto exchange Bitget’s license. This follows Bitget’s promotion on Twitter about the ARMY Coin. The MAS states Bitget has misled BTS fans by describing ARMY Coins is to give lifetime support to BTS. The ARMY Coins is to “take care of BTS members for life”, according to Bitget’s promotion.
ARMY Coin’s prices surged after the promotion. However, the anonymous creator of the ARMY coins does not have official permission.
Hybe, the agency of the South Korean boyband, says it has nothing to do with the coin. Later, Hybe accused the crypto exchange of using unauthorized photos of BTS in its Army coin promotion. Also, Hybe threatened Bitget with legal action on 28 Oct.
Meanwhile, Bitget says as a platform, it was not responsible for the currencies it listed. After the license suspension, Bitget has stopped Singapore users’ access to its app and website. And, its website no longer lists the MAS logo.
Scam Alerts on K-Drama, K-Pop Coins: ARMY, and SQUID?
Singapore positions itself as the world’s leading cryptocurrency centre. But the MAS is introducing “strong regulation” for crypto companies. “With crypto-based activities, it is basically an investment in a prospective future,” says Ravi Menon, the managing director of MAS. “The shape of which is not clear at this point.”
ARMY is not the only cryptocurrency inspired by Korean pop culture. With an anonymous creator, SQUID token originates from the famous Korean Netflix series Squid Game. It markets itself as “play-to-earn cryptocurrency”, with its price surging after listing.
However, it turned out to be a “rug pull”, with token holders unable to resell their SQUID tokens. Its website is no longer available, and social media accounts promoting the tokens have vanished.
With pump and dump schemes rampant in the crypto market, investors are advised to be cautious in crypto investing and trading.
Join our Telegram channel to check out latest information and news update!
The content of this webpage is not investment advice and does not constitute any offer or solicitation to offer or recommend any investment product. It is for general purposes only.