Bitcoin.vn, the oldest Bitcoin Exchange in Vietnam is set to lose the domain name for operating the blog without getting the nod of the Government. According to the reports, the exchange failed to obtain the permission from the Minister (Information and Communications) to publish the blog.
The trading platform in Vietnam Bitcoin.vn has been offering bitcoin exchange services since the year 2014. The DRTEI(Department of Radio, Television and Electronic Information) has slapped a fine on Bitcoin Vietnam Co., Ltd for publishing the blog and maintaining a social network without obtaining a license.
The bitcoin exchange has to pay a fine of US$1,100 for allowing the readers to comment on articles published on Bitcoin.vn and another US$660 for maintaining a blog without permission. However, the spokesperson of the exchange said the activity of the blog was negligible other than some irregular announcements. The exchange occasionally publishes the information about the general service and upgrades to the user interface.
According to an anonymous source of the exchange, the website publishes just two articles a month. It is unfair to impose such a heavy fine for the minor offense. Almost 99.9% of the startups do not obtain a license to publish a blog in Vietnam. It is not good for the startups in Vietnam.
Sinister Activity Against Bitcoin.vn
A myriad of SMEs and startups are in operation in Vietnam as of today. Targeting only Bitcoin.vn seems to be a sinister activity.
This domain has witnessed a lot of activity since the bull run of crypto in 2017. So, someone more powerful is doing a foul play to get hold of the exchange.
The oldest bitcoin exchange should abide by the rules to flourish in Vietnam. It is lucky to receive a minor fine. It has lost the domain name after putting in considerable efforts all these years.
Bitcoin.vn and the Bitcoin Exchange in Vietnam are well known for serving the customers since 2014. It is not clear who will get the right to own the domain if the government goes ahead with its decision of revoking the url.