Singapore suspends crypto exchange in dispute with Korean superstar group BTS, reports Financial Times

BTS arrives at the Jingle Ball at the Forum on Friday, Dec. 3, 2021, in Inglewood, California. - AP

SINGAPORE, Dec 5 (Bloomberg): Singapore’s regulator has suspended Bitget, a crypto exchange that got into a dispute after promoting the digital currency Army Coin, named after the South Korean boy band BTS’s followers, the Financial Times reported.

Bitget, a sponsor of Italian football team Juventus, advertised Army Coin as a way to provide lifetime financial support to BTS members.

But BTS’s agency Hybe said late October the coin has no connection with BTS and threatened to take legal action.