Many readers have emailed VietNamNet reporting that a forex named ‘exness’ is operating in Vietnam at the domain address with the suffix ‘.vn’.

Searching on the Vietnam Internet Network Information Center’s (VNNIC) website, one can see that the registrant of the domain name is EXNESS GLOBAL LIMITED, which means that the domain name was registered by the real owner, and was not impersonated or swindled.

The domain name was registered to operate in Vietnam from February 24, 2016 to February 24, 2024. 

With the Vietnamese interface, this website is updated with introductory information about exness, including a support call center and legal information. Particularly, in the media column of the page, there are extracts from articles published on news websites, journals and specialized pages of newspapers in Vietnam that write about the investment floor.

Users can easily create an account to join the floor to make investments. There are many ways to deposit money into accounts on exness, either via Internet Banking of nine domestic banks, or via credit cards.

Also, investors can make bank transfers via the payment portal onepays, pay in directly from a bank account via Ngan Luong payment system already integrated on the page, or make payment with VietQR or Techcombank QR Code. 

The forex also allows investors to use cryptocurrencies such as Bitcoin and USDT. To withdraw money from accounts, the US dollar is the only currency accepted.

Forex, or Foreign Exchange, is understood as the activity of exchanging currencies, or converting from one currency into another one. Forex market is a global market that serves the exchanges of currencies and gold, while the subjects participating in the market are commercial banks and multinationals.

In Vietnam, forex activities are covered by a legal framework which includes 1/ Foreign Exchange Ordinance 2/ Decree 88/2019/ND-CP on the fine on administrative violations 3/ Law on Credit Institutions and 4/ Circular 20/2011/TT-NHNN on the purchase/sale of foreign currencies in cash between individuals and licensed credit institutions.

Under the law, in order to be eligible for forex trading like the case of exness, two conditions must be met: 1/the business subjects must be credit institutions or other institutions 2/get written approval from the State Bank of Vietnam (SBV).

Meanwhile, SBV has not granted any license to any forex in Vietnam. Therefore, the operation of exness is illegal, and the investors on the trading floors are also violating current laws.

In fact, analysts said forex activities have been carried out for many years, but most of the trading floors operate under international domain names and the existence of a floor with ‘.vn’ domain name for long periods is challenging agencies.

Trong Dat