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Singapore Suspends Crypto Bourse on Korea Boy Band Spat: FT

Singapore’s financial regulator suspended digital currency exchange Bitget after it got into a legal dispute with South Korean boy band BTS, the FT reported.


Singapore GST
Singapore's economy is likely to grow around 7% in 2021 and between 3% to 5% in 2022, according to official forecasts. Photo: AFP

 

Singapore’s financial regulator suspended the local operations of digital currency exchange Bitget after it got into a row involving a pension scheme claiming links to South Korea’s biggest boy band BTS, the Financial Times reported.

Bitget was threatened with legal action by BTS’s agency Hybe in October over the promotion of digital currency Army Coin, named after the group’s enthusiastic followers BTS ARMY, the report said. The platform had advertised Army Coin as a way to provide lifetime financial support to BTS members, but Hybe said the coin has no connection with BTS, the FT reported.  The owner and creator of the coin is unknown, it said.  Full story: Financial Times.

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Kevin Hamlin

Kevin Hamlin is a financial journalist with more than 40 years of experience covering Asia. Before joining Asia Financial, Kevin worked for Bloomberg News, spending 12 years as Senior China Economy Reporter in Beijing. Prior to that, he was Asia Bureau Chief of Institutional Investor for ten years.

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