TL;DR Breakdown
• Bitget promoted ArmyCoin linked to a k-pop music group.
• Regulators in Singapore make room for cryptocurrencies on their terms.
Cryptocurrency regulators in Singapore recently suspended Exchange Bitget over legal issues. According to reports, the regulatory authority blocked the crypto platform operations for naming a token as a South Korean band.
The Exchange that stands out for sponsoring the Juventus soccer team advertised the ArmyCoin token supposedly sponsored by the South Korean K-Pop bank BTS, but it was all a sham. In the last week of October, the members of the musical group revealed that the link with the cryptocurrency is not real and that they would sue for these false publications.
Regulators in Singapore block Bitget
Bitget, a brilliant cryptocurrency exchange offering its services in Singapore, has just been suspended for offering false advertising with its new ArmyCoin token. Reports indicate that the crypto platform sponsored a cryptocurrency that claimed to be linked to BTS but only said so to increase adoption.
Following the suspension of Singapore’s regulatory authorities, Bitget had to remove advertising. Regulators blocked access to the exchange in Asia and downloaded the App. Although the local media have sought to contact the Exchange, the efforts have been vain.
Bitget has offered its services in the country since 2018, and according to the figures on its official website, they have around 1 million clients globally. The crypto platform allowed the purchase and sale of tokens every day, being the most profitable alternative for citizens.
Countries in Asia have accepted cryptocurrencies
China got out of the crypto-financial game, but Singapore and its regulators show a different picture considering they welcome cryptos and BTC-based exchange funds.
It has been a week since Fintonia Group, one of the largest investment asset managers in the country, has been approved to promote its first two funds with BTC at the institutional level. The announcements indicate that the funds will be called the Fintonia Secured Yield Fund and the Fintonia Bitcoin Physical based on Bitcoin, the largest-cap token in the decentralized market.
While Singapore is encouraged to participate in the virtual market, cryptos are going through days of the recession. More than a week ago, Bitcoin was trading above $56,000. Today it has a value of $48,306 with losing 10.63 percent in the last seven days. With the adoptions wave brought from Asia to the crypto market, it is expected that crypto prices will rise in favor of investors.
Other cryptos such as Ethereum have recovered over 1 percent of their value in the last 24 hours, trading at $4,105. LUNA also takes advantage of this recovery, reaching $68.35 with a significant rise of 10 percent in less than 24 hours.
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