The Monetary Authority of Singapore (MAS) has reacted sharply to Bitget’s litigation with the Hybe Corporation, the sponsor of the Korean music group BTS.
MAS has reviewed the copyright infringement charge brought against the Bitget trading platform by Hybe Corporation and ruled that the claims are substantiated and the exchange must
to stop provide services for trading cryptocurrencies in the country.
In October, sponsor of popular music group BTS, Hybe Corporation, accused the marketplace of misusing the group’s image and spreading false information that the coin was made for BTS.
statedthat the cryptocurrency “has nothing to do with BTS” and urged everyone who suffered financial damage related to Army Coin to file a complaint with law enforcement.
“We are currently investigating legal violations, including violations of the artist’s rights to portraits without consulting the company, and we will take all legal action against these violations.”
The Bitget exchange, in obedience to the demands of the authorities, removed the logo and photographs of the music group from its website. Following this, the cryptocurrency platform stopped trading in the country.
Singapore is loyal to the regulation of cryptocurrencies. In November, MAS Singapore Managing Director Ravi Menon said that cryptocurrencies could be a key factor in the country’s future development. At the same time, MAS Singapore does not support cryptocurrencies as an investment asset for retail investors due to the “sharp speculative movements” of their rates. In September, the regulator even added the site of the cryptocurrency exchange Binance to the list of resources that investors need to be careful about.