Cryptocurrency advertisements have caused trouble between exchanges and authorities in almost every part of the world. The newest controversy comes from Singapore, where digital asset management company Bitget finds itself in trouble for violating copyright and using names of entities without permission. As a result, they have been banned by the Monetary Authority of Singapore. However, the firm claims that they are still operational in the United States and other countries where it has offices. After having its license canceled by Singaporean authorities, they are no longer able to continue operations in the country.
The controversy surfaced after Bitget put an advertisement for their new ARMY coins. As per the advertisement, these coins were designed with and for the popular K-pop band BTS. The advertisement also used the name of BTS and made false claims. One of the many claims was that the ARMY coin is designed to provide for K-pop band BTS. It was done to attract the huge fanbase of BTS, which spans across continents. BTS has been the most successful band over the past few years, gaining both critical and commercial success. By using their logo and name in the advertisement, Bitget violated the BTS portrait rights.
As soon as the matter came under the scanner of Singaporean authorities, they decided to cancel Bitget’s license. However, they might get their licenses back depending on the terms and conditions set by the government. This incident shows once again how irresponsible advertising can lead to severe problems for exchanges.