The State Securities Commission (SSC) said that recently, there have been a number of organizations and individuals placing signs under the names of securities companies without a license, organizing the operation of applications and illegal securities trading floors (Gate.io, GoldFinger Finance, Vietdiamondstocks, bawallet9.com, Londonex.com, ZenoMarkets.com, CHMarkets.com, JASS.com, DEXDN.com, LPL.com, TradeTime.com...).
"Through social networks, trading floors call on investors to open accounts, deposit money into e-wallets, and invest in cryptocurrencies (Pi, USDT, BUSD, etc.) on stock exchanges that are not organized or operated by the Vietnam Stock Exchange and its subsidiaries.
After a period of time when money cannot be withdrawn, or the investment account suffers serious losses, the investor discovers that there is fraudulent behavior," the State Securities Commission said.
Faced with this situation, the State Securities Commission affirmed that the Vietnamese legal system does not have legal documents regulating digital assets and cryptocurrencies.
Therefore, the State Securities Commission recommends that investors should be cautious when receiving investment invitations from individuals or organizations of unknown origin, especially those with high interest rates and profits that show signs of lack of transparency.
"Be vigilant when receiving invitations to invest in virtual assets, cryptocurrencies or participate in securities and virtual asset transactions on unlicensed stock exchanges," the State Securities Commission warned.
Many investors have been scammed by investing in cryptocurrencies such as Pi, USDT, BUSD... on illegal stock exchanges. (Illustration photo).
The State Securities Commission added that when trading, investors need to check information on the exchanges (including licensing agencies, exchange management, trading mechanisms, rights and obligations of the parties) to have a legal basis to protect their rights and limit the risk of asset loss.
To participate in securities trading, investors need to comply with securities laws on opening securities trading accounts at securities companies licensed to establish and operate by the State Securities Commission.
In addition, investors need to pay attention to legal regulations on types of securities allowed to be traded at the Vietnam Stock Exchange, as stipulated in Clause 1, Article 4 of the Securities Law No. 54/2019/QH14 dated November 26, 2019.
Accordingly, digital currencies such as Pi, USDT, BUSD... are not securities and the buying and selling of the above digital currencies by investors is not regulated by law.
In addition, according to the provisions of Clauses 26 and 27, Article 4 on the concepts of "Securities trading system" and "Securities trading market", Article 42 on "Organization of securities trading market" of Securities Law No. 54/2019/QH14, only the Vietnam Stock Exchange and its subsidiaries, the Hanoi Stock Exchange and the Ho Chi Minh City Stock Exchange, are allowed to organize securities trading markets.
Apart from the Vietnam Stock Exchange and its subsidiaries, no organization or individual is allowed to organize and operate the stock market. Therefore, the State Securities Commission does not manage trading floors such as Gate.io, GoldFinger Finance, Vietdiamondstocks, etc. and trading activities on these floors.
PHAM DUY
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