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Vietnam’s Biggest Bitcoin Exchange Has Its Domain Seized by Government

Bitcoin Vietnam Co., Ltd., the earliest cryptocurrency exchange in the nation, is having its domain, bitcoin.vn, taken by the Vietnamese federal government.

The Ministry of Details and Communications (MIC) has actually likewise chosen to fine the business 40 million VND (around $1,758) for prohibited social networking and establishing an unlawful website.

Bitcoin Vietnam Has Actually Domain Taken by Federal Government

Ho Chi Minh City-based cryptocurrency exchange Bitcoin Vietnam, which was formally introduced on July 9, 2014, is presently dealing with an experience after being approached by governmental authorities for having ‘running a blog site without a correct license.’

The Vietnam Radio, Tv and Electronic Details Department of the Ministry of Details and Communications has actually fined Bitcoin Vietnam 15 million VND (around $659) for running the prohibited blog site and 25 million VND (around $1,100) for prohibited social networking. This unapproved social networking includes permitting readers to discuss article. Furthermore, the company has actually taken the domain Bitcoin.vn, which will be suspended for 45 days.

Vietnam has actually made it prohibited to release, disperse, and utilize digital currencies with a law that entered into force on 01 January2018 Bitcoin Vietnam continued running its cryptocurrency exchange service ever since and now runs the risk of being prosecuted for criminal liability.

The operator shared through Twitter the file signed by Le Quang Tu Do, Vice Deputy of the Ministry.

” Under the arrangements of Decree No. 96/2014/ ND-CP dated 1b7 October 2014 on administrative handling of financial and banking activities, issuance, circulation and use of prohibited payment instruments (consisting of bitcoin and other virtual currencies) will undergo administrative charges. At the very same time as from 01/01/2018, the acts of providing, dispersing and utilizing prohibited payment suggests as above will be prosecuted for criminal liability under the Penal Code 2015 changed and supplemented in 2017.”

Bitcoin Vietnam initially revealed that its main domain, bitcoin.vn, would be briefly suspended by VNNIC on March 6.

” VNNIC will suspend operation of the domain bitcoin.vn to be managed by the practical companies inning accordance with the arrangements of law. The suspension duration is 45 days, from 15: 00 on 05/03/2018″, stated the company’s declaration.

Bitcoin Vietnam Co was offered 10 days to follow with the approving choices, which the cryptocurrency exchange currently did. The domain is down and the exchange is presently running under the Bitcoinvn.io domain.

The cryptocurrency environment in the nation has actually prospered in the last couple of years, however a decree provided October 30 by the State Bank of Vietnam (SBV) identified that virtual currencies are not a legal type of payment. Fines can go approximately 200 million Dong (about $9,000 U.S.) for those who breach the federal government’s guidelines.

 Included image from Shutterstock.

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Written by Nikolai

Nikolai is a Canadian writer currently living in Singapore. His started writing on Blockchian and bitcoin since 2017, he do Reviews and Analysis on Coins, ICOs. He holds a Master in Business Management and have keen interest in Computer Since, Blockchain and love to write on latest trends in Blockchain space.

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