Vietnam’s oldest Bitcoin Exchange, Bitcoin.vn, is set to lose its domain by mandate of the Vietnamese Government.
The website has been in operations since 2014 but has been accused of having a blog without permission from the Minister of Information & Communications of Vietnam.
Bitcoin.vn is a Vietnamese trading platform that has been offering bitcoin exchange services for the last four years. Just recently, according to a local publication called ICT News, Bitcoin.vn (Bitcoin Vietnam) is being losing its website domain after it was found guilty of “operating a blog without a proper license.” The Vietnamese trading platform is accused of operating the blog without obtaining a publisher license by the Minister of Information & Communications of Vietnam.
Bitcoin Vietnam’s management team has not issued any official statement regarding these reports because of the ongoing legal proceedings. However, the Department of Radio, Television and Electronic Information has already slapped Bitcoin Vietnam Co., Ltd. a fine for unlawfully producing an alleged blog and social network.
The charges against Bitcoin.vn are divided into a 15M VND fine ($660 USD) for functioning a blog and 25M ($1,100) for letting readers comment (unlicensed social network) below the published articles on Bitcoin.vn. According to the individual familiar with the matter, the blog barely saw any activity aside from irregular announcements about the exchange’s user interface upgrades and general service information.
“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,” said the person that had knowledge of the situation.
However, other reports have indicated that there may be more than meets the eye in this particular case.
“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?” a source was quoted as saying in a report on news.bitcoin.com.
“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.”
“Bitcoin Vietnam might have been the pioneers in this market, but when the big guys finally start to come to play, they don’t play by the rules. They see something they want to have, and they take it. These guys can be lucky to just have received a minor fine – that their domain is gone is of course sad for them after they did all this pioneering work, but that’s just how Vietnam works. If you want to know who is behind this move — just watch out who will be the one utilizing this domain once the immediate dust has settled,” the person added.
- Australia Pumps in $700,000 for Blockchain Research 10 May 2018
- Relief for Cryptocurrency Prices After Consecutive Losses 10 May 2018
- Korea’s New Financial Watchdog Chief Aiming for Stable Crypto Market 10 May 2018
- Indian Cyber Cell Unit Apprehend Ethereum Miners in $15 Million MLM Scheme 10 May 2018
- BTC Wallet Electrum Identifies Copycat 10 May 2018
Bitcoin2 days ago
Bitcoin Drop Has Correlation with Launch of Futures Market, Says Fed Reserve Report
Business6 days ago
Nearly Half of ICOs This Year Began with Nothing But Idea and a Whitepaper
Bitcoin6 days ago
Nouriel Roubini Triggers Shouting Match at Milken Institute Global
Blockchain3 days ago
Williams Martini Racing to Use Blockchain to Give Team Competitive Edge