Bitget is one of the top cryptocurrency exchanges, with headquarters in Singapore. Bitget is living up to its motto, “better trading, better life.” With significant growth in the number of users, this crypto exchange is becoming popular by the day. But all is not sunshine and rainbows. According to the Financial Times, Bitget lost its Singapore licence after the controversial listing of Army Coin. The Army Coin is a new K-Pop-related cryptocurrency. However, the crypto exchange continues to claim permits in other countries. Accordingly, it claims to hold permits in countries like Australia, Canada, and the United States.
The controversy
On October 25, Bitget Exchange issued a tweet advertising Army Coin. The name is after the followers of the South Korean boyband, BTS. According to the lawsuit, the currency made deceptive promises, such as:
“This coin exists for the benefit of BTS” and “ARMY coin seeks to provide lifetime care to BTS members.”
The exchange allegedly infringed the band’s picture rights. According to Hybe, the presentation of the new coin on Bitget’s website is not authorised. Bitget is using the “ARMY” ticker and BTS’s name and photographs without permission. Hybe, formally Big Hit Music, manages soloist Lee Hyun, and boy groups BTS and TXT. When the agency learned about the listing of the cryptocurrency on the Singapore-based exchange, they made the following announcement:
“Our legal department is currently investigating the legal violations in this case, including the cryptocurrency’s infringing on our artists’ portrait rights without consent or discussion with the agency. All infringements and violations will be prosecuted. ”
It went on to say that the coin had “no relationship” with BTS and recommended anybody who had lost money on it to notify the authorities.
According to sources, Bitget reacted by saying that they did not develop the coin and would have no responsibility for it. However, Bitget delisted the ARMY token from the exchange on December 3. According to the Financial Times, the currency was accessible for trade on Bitget in many territories, including South Korea.
About Bitget
Bitget is a prominent cryptocurrency exchange for trading derivatives, spot, utilizing, and copy trading. A derivative is an instrument that is based on the price of another asset, such as a stock or bond. They derive the prices of various cryptocurrencies in the crypto world. Furthermore, it dedicates itself to becoming a leading platform worldwide. Consequently, it has obtained licences in the United States, Canada, Australia, and Singapore. Furthermore, you can download the Bitget app on your mobile or desktop device. It eliminates the need to visit the website regularly.
Bitget was formed in Singapore in 2018. It claims to have 1.5 million registered users globally. Additionally, its value is at least $1 billion following its most recent Series B fundraising.
Bitget is home to some of the most successful and knowledgeable cryptocurrency traders and investors. Users can mimic the performance of different traders and track their activity by using “copy trading.” The Bitget exchange app includes a feature called Copy Trading. To benefit, you may choose from a variety of expert traders, follow them, and synchronise their trading activity with your account. Furthermore, with copy trading, you do not have to start or cancel positions yourself or track market action 24 hours a day, seven days a week. You may instead follow expert traders and have them trade on your behalf.
Bitget rose to fame after signing a sponsorship agreement with the Italian soccer team Juventus in September 2021. It is also an official partner of the PGL Major Stockholm.
The future of Bitget
Bitget is collaborating with stablecoin issuer Circle. It will make it one of the first exchanges to accept USD Coin (USDC) as collateral when trading crypto derivatives. As part of the cooperation, Bitget will offer USDC margins for Quanto Swap Contract trading. According to the exchange, it will increase market liquidity. USDC is now a part of the list of approved margins for Quanto Swap contracts, joining Bitcoin (BTC), Ether (ETH), EOS, and XRP.
Bitget CEO Sandra Lou noted earlier this month in an interview with Cointelegraph that crypto exchanges must emphasise regulatory compliance. Indeed, as governments push for stricter laws, authorities around the world are expanding their monitoring of exchanges.
Also read: The BXMI/ USDT Pair is Now Available to Trade on CoinTiger
