As the popularity of the crypto money industry continues to increase, the regulations in this area have followed a similar course. Especially the recent steps towards the Binance cryptocurrency exchange have brought serious fear in the industry, and many crypto exchanges are now forced to comply with the regulations.
Bitget is in Trouble
Singapore-based cryptocurrency exchange bitget He also joined this caravan. The Singapore-based cryptocurrency exchange has come under the wrath of Singapore’s financial regulator, MSA. The license of the cryptocurrency exchange, which was stated to have made an unfair advertisement by advertising the K-pop group BTS, was revoked.
According to information reported by the Financial Times, Bitget has officially lost its cryptocurrency exchange license. This was due to the launch of the K-pop focused cryptocurrency “Army Coin”. The cryptocurrency exchange still has licenses in countries such as Australia, Canada, and the USA, interestingly enough.
The cryptocurrency exchange claims to have the necessary permissions and consent of the K-pop group to list this new cryptocurrency. Hyne, the management team of the group, emphasized that this is not true and emphasized that they will seek their legal rights. This shows that the Bitget cryptocurrency exchange does not reflect the facts. Bitget was founded in Singapore in 2018 and claims to have over 1.5 million users. The stock market has recently reached a value of over 1 billion dollars with the last funding it received.