In mid-2023, information emerged about the operation of an international forex trading floor and betting website using the domain name ‘.vn’.
A search on the Vietnam Internet Network Information Center (VNNIC) website revealed that the domain name’s registrar was Exness Global Limited, meaning it was the owner’s domain name, not a personified name. The domain name was registered for operation in Vietnam from February 24, 2016 to February 24, 2024.
With a Vietnamese-language interface, the website displayed information about the trading floor, including a customer support center and legal information. There were also articles on some news websites and magazines stating the investment floor.
Users can easily create an account to handle their transactions right on the floor. Various methods of depositing cash into accounts were accepted. Investors could top up cash via the Internet banking service of nine domestic commercial banks or via credit cards.
Investors could also make bank account transfers through onepay payment portal, cash from bank accounts through the Ngan Luong payment system, cash from the Ngan Luong wallet integrated into the website, or make a payment using VietQR or TechcombankQR.
The forex trading floor also allowed users to use cryptocurrencies including Bitcoin and USDT. For withdrawing money from accounts, the only accepted unit was the US dollar.
However, domain names with ‘.vn’ have been blocked and the trading platform is now using a new domain name with ‘.trade’ to serve domestic investors.
Domestic investors can easily deposit money into the floor and transact in a variety of ways, accepting cryptocurrencies and loading cash through e-wallets or commercial banks.
They can use internet banking services of 10 domestic commercial banks, including Vietcombank, ACB, TP Bank, VietinBank, Agribank, BIDV, Eximbank, DongABank, Sacombank and Techcombank.
The minimum amount of money required is more than 368,000 VND (15 USD). As reported by the trading space, the money will be transferred to a prestigious personal account before going to the account of Exness investors.
Another method of loading cash was to transfer money through bank accounts with a required amount of at least VND 245,000 ($10). When investors choose the amount of money to pay, they will be redirected to a selection of target bank accounts.
The names of nine commercial banks were displayed, including Vietcombank, ACB, TPBank, VietinBank, BIDV, MBBank, VPBank, Sacombank and Techcombank.
When investors choose a target bank, the money will go to an account with the name of the holder ‘Cong ty co phan 9Pay’ (9Pay JSC).
Investors can also choose to deposit cash directly into a bank account (minimum VND 245,000). When they perform operations, they will be redirected to the accounts of the two target banks – DongABank and BIDV.
VietNamNet reporters tried to load cash into BIDV’s account and saw an error message. In the meantime, they managed to load the cash into DongABank’s account through internet banking.
When it comes to paying with VietQR, investors need to pay a minimum amount of VND 295,000 ($12). The customer can choose from a list of 12 banks. Once investors select a bank, a QRCode will appear to scan and load cash.
In addition, in terms of QR, the trading floor accepted cash loading through Techcombank VietQR. Each time investors loaded cash, one new QRCode appeared and the names of the account holders were different.
If investors use the Ngan Luong e-wallet, the minimum required amount of money is VND 245,000.
Exness is illegal
Vietnam’s legal framework for operating forex trading floors includes a decree promulgated in 2005, which was later amended in 2013, government regulations and SBV circulars.
According to the law, only credit institutions can provide the service of buying/selling foreign currencies and implement derivatives in the domestic and international markets. Other institutions may provide forex services if they obtain written approval from SBV.
The Forex Management Department under the SBV has released many documents confirming that the SBV has not granted licenses to any Forex trading floor. It confirms that all flooring is illegal and that individuals who invest in flooring are “giving a hand” to illegal activities.
The source said Vietnam is the most important market for Exness in Asia, accounting for 40 percent of the transaction value.