- Bitcoin.vn, oldest Bitcoin exchanges in Vietnam may lose its domain.
- Bitcoin.vn has been accused of operating a blog without permission from Vietnam government.
Vietnam: Bitcoin.vn (Bitcoin Vietnam Co., Ltd.), the oldest Bitcoin exchanges in Vietnam, is on the verge of losing its domain as per order from Vietnam’s government. According to local publication ICT News reports, Bitcoin.vn, which has been carrying out its operations since 2014, was accused of running a blog without obtaining permission from the country’s Minister of Information and Communications.
The Vietnamese Bitcoin exchange is found guilty of “operating a blog without a proper license.” More so, the Department of Radio, Television and Electronic Information has charged the exchange for illegally creating an alleged blog and social network. However, the management team of the Bitcoin.vn has refused to comment on these reports because of the ongoing legal proceedings.
The fine against Bitcoin Vietnam is divided into a 15 million VND fine (approx. $660 USD) for operating a blog and 25 million fine ($1,100) for granting readers the ability to comment (unlicensed social network) below the published articles on its website. An insider familiar with the matter, who chose to remain anonymous, reported that the blog in question hardly saw any activity apart from irregular announcements about Bitcoin.vn’s user interface upgrades and general service information. The insider said:
“They had like maybe two articles per month on there — to seize their domain for such a minor offense is a very, very heavy-handed approach.”
A report showed that about 99.9 percent of 100 startups Vietnam don’t bother to register for a media/publisher license for their company blog, hence, there could be some more sinister activities at play regarding the charges against Bitcoin.vn. The anonymous insider stated in a telephone conversation:
“Ask yourself why they picked this one company out of all the hundreds of startups and thousands of SME’s in Vietnam to charge them for running some small shitty blog — in order to confiscate their domain? If you understand a bit how Vietnam works, then there is not much to wonder about. These guys did not publish any anti-government propaganda in any way, so normally nobody would bother about them. The truth is, that this domain has — especially since the large crypto bull-run in 2017 — gained a lot of value – and somebody more powerful and with much more well-established connections than these guys wants to get a hold of it.”
Presently, no confirmed decision has been made and no information has been provided on who might receive ownership of the website if the Ministry eventually decides to revoke the domain.
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