|May 10, 2018 03:19 PM||By: John Patrick Mullin | 5501 Views|
Vietnam’s information ministry has punished a business that declared it was the first website in the country that had a license to exchange bitcoin, for criminal social networking and establishing an unauthorized site.
The trading site declared it had a license to managed cryptocurrency trades, but it was still penalized with $1,750 and had its domain name, bitcoin.vn, seized by the Vietnamese government.
Bitcoin Vietnam, which has its headquarters in District 4, Ho Chi Minh City, was filled with a VND40 million ($1,750) fine, given by the Vietnam Radio, Television and Electronic Information Department under the Ministry of Information and Communications.
Nguyen Tran Bao Phuong, Bitcoin Vietnam’s legal representative, said they were in the method of investigating the charges.
She stated that the company is currently in a transformation phase, so its business registration code had been revoked before the decision was taken.
“Bitcoin Vietnam is a cryptocurrency exchange. We do not yet have a license to offer common services, but we are not operating illegally. The company is closely watching any new regulations about Bitcoin, and is willing to comply with any new law,” stated Phuong.
According to the company’s website, the company was founded in 2013 and is approved to enable transactions involving Bitcoin.
But, in a recent interview, a spokesperson disclosed that the company’s license was only to be done for “financial advisory” purposes.
The company has created some websites over the past 4 years, including bitcoin.vn and vbtc.vn. Bitcoin Vietnam first stated that its main domain, bitcoin.vn, suspended for a provisionally by VNNIC on March 6.
“VNNIC shall suspend the operation of the domain name bitcoin.vn to be handled by the functional agencies according to the provisions of law. The suspension period is 45 days, from 15:00 on 05/03/2018”, said the company’s statement.
Bitcoin Vietnam Co was given ten days to put into application the sanctioning standards, which the cryptocurrency exchange already followed. The domain is down, and the exchange now works using the Bitcoinvn.io domain.
The State Bank of Vietnam does not verify the legal status of virtual currencies as legal payment methods, and transactions or use of digital currencies are not preserved by law.