In mid-2023, information about the operation of an international forex trading floor and betting website using the ‘.vn’ domain name appeared.

A search on the website of the Vietnam Internet Network Information Center (VNNIC) found that the registrant of the domain name was Exness Global Limited, which means that this was the domain name of the owner, not an impersonated name. The domain name was registered to operate in Vietnam from February 24, 2016 to February 24, 2024.

With the interface in Vietnamese language, the website showed information about the trading floor, including the switchboard to support customers and legal information. There were also articles introducing the investment floor on some news websites and journals.

Users could easily create an account to serve their transactions on the floor. Diverse methods of cash loading into accounts were accepted. Investors could load cash through Internet Banking service of nine domestic commercial banks, or through credit cards.

Also, investors could make bank account transfers via onepay payment portal, cash from bank accounts via Ngan Luong payment system, cash from Ngan Luong wallet integrated into the website, or make payment with VietQR or TechcombankQR.

The forex trading floor also allowed users to use cryptocurrencies including Bitcoin and USDT. To withdraw money from accounts, the US dollar was the only unit accepted.

However, the domain names with ‘.vn’ have been blocked and the trading floor is now using the new domain name with ‘.trade’ to serve domestic investors.

Domestic investors can easily load money into the floor to make transactions through different ways, accepting cryptocurrencies and cash loading via e-wallets or commercial banks.

They can use Internet Banking 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 VND368,000 ($15). As informed by the trading floor, the money would be transferred into a prestigious personal account before going to Exness’ account of the investors.

The other cash loading method was transferring money via bank accounts with the required amount of at least VND245,000 ($10). When investors choose the amounts of money to pay in, they will be re-directed to choosing the accounts of target banks. 

The names of nine commercial banks were shown, 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 holder’s name of ‘Cong ty co phan 9Pay’ (9Pay JSC).

Investors can also choose to load cash directly into bank account (VND245,000 at least). When they carry out operations, they will be re-directed to the accounts of the two target banks – DongABank and BIDV.

VietNamNet reporters tried to load cash into BIDV account and saw the notice about errors. Meanwhile, they succeeded in loading cash into DongABank account via Internet Banking.

Regarding the payment with VietQR, investors have to pay a minimum amount of VND295,000 ($12). There is a list of 12 banks for customers’ choice. Once investors choose a bank, a QRCode will appear for scanning and loading cash. 

In addition, regarding QR, the trading floor accepted cash loading via Techcombank VietQR. However, every time investors loaded cash, one new QRCode appeared and the names of accounts’ holders were different.

If investors use Ngan Luong e-wallet, the minimum amount of money required is VND245,000.

Exness is illegal

The Vietnamese legal framework on the operation of forex trading floors includes an ordinance promulgated in 2005 which was later amended in 2013, a government decree, and circulars by SBV.

Under the laws, only credit institutions are allowed to provide the service of buying/selling foreign currencies and implement derivatives in the domestic and international markets. Other institutions can provide forex service if they obtain written approval from SBV.

The Forex Management Department under SBV has released many documents, affirming that SBV has not granted licenses to any forex trading floor. It affirms that all the floors are illegal, and the individuals who make investment on the floors are ‘lending a hand’ to the illegal activities.

A source said Vietnam is the most important market in Asia for Exness, accounting for 40 percent of transaction value.

Le My