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The Western Balkans has re-emerged as one of the European Union’s most pressing security challenges amid ethnic tensions, unresolved border disputes, organized crime and growing Russian influence in the region.
WSJ.com: What’s News Europe
According to regional reports Vietnam’s oldest Bitcoin Exchange, Bitcoin.vn, is about to lose its domain per order of the Vietnamese Government. The website that has been operating since 2014 has been accused of operating a blog without permission from the Minister of Information & Communications of Vietnam.
Vietnam’s Oldest Bitcoin Exchanges May Lose its Domain
Bitcoin.vn is a Vietnamese trading platform that’s been providing bitcoin exchange services for over four years. Just recently the local publication ICT News reports that Bitcoin.vn (Bitcoin Vietnam) is being stripped of its website domain for being found guilty of “operating a blog without a proper license.” The Vietnamese trading platform is accused of operating the blog without obtaining a publisher license by the Minister of Information & Communications of Vietnam. Bitcoin Vietnam’s management team declined to comment on these reports because of the ongoing legal proceedings. However, the Department of Radio, Television and Electronic Information has fined Bitcoin Vietnam Co., Ltd. for illegally creating an alleged blog and social network.
The charges against Bitcoin.vn are divided into a 15M VND fine ($ 660 USD) for operating a blog and 25M ($ 1,100) for allowing readers the ability to comment (unlicensed social network) below the published articles on Bitcoin.vn. News.Bitcoin.com spoke with an industry insider from the region about the litigation against the trading platform’s domain. According to the individual familiar with the matter, the blog barely saw any activity apart from irregular announcements about the exchange’s user interface upgrades and general service information.
“They had like maybe two articles per month on there — to seize their domain for such a minor offense is a very, very heavy-handed approach,” explains the anonymous source to news.Bitcoin.com.
Out of 100 Vietnamese startups, likely 99,9% don’t bother to register for a media/publisher license for their company blog — This is not a good sign for Vietnam’s startup scene.
Sinister Activities at Play?
Our sources also say there may be some more sinister activities at play concerning the charges against Bitcoin Vietnam.
“Ask yourself why they picked this one company out of all the hundreds of startups and thousands of SME’s in Vietnam to charge them for running some small shitty blog — in order to confiscate their domain?” the anonymous individual explained in a telephone conversation. “If you understand a bit how Vietnam works, then there is not much to wonder about. These guys did not publish any anti-government propaganda in any way, so normally nobody would bother about them. The truth is, that this domain has — especially since the large crypto bull-run in 2017 — gained a lot of value – and somebody more powerful and with much more well-established connections than these guys wants to get a hold of it.”
Bitcoin Vietnam might have been the pioneers in this market, but when the big guys finally start to come to play, they don’t play by the rules. They see something they want to have, and they take it. These guys can be lucky to just have received a minor fine – that their domain is gone is of course sad for them after they did all this pioneering work, but that’s just how Vietnam works. If you want to know who is behind this move — just watch out who will be the one utilizing this domain once the immediate dust has settled.
Bitcoin Vietnam and the domain Bitcoin.vn is one of the oldest operating cryptocurrency exchanges and has been a reputable trading platform since the summer of 2014. At the moment there are no confirmed decisions made or any information on who might receive ownership of the website if the Ministry of Communications makes its decision to revoke the domain.
What do you think about the Bitcoin.vn website losing its domain? Let us know your thoughts on this subject in the comments below.
Images via Pixabay, Bitcoin.vn logos, and Zing.vn
Want to see all 500 cryptocurrency market caps in real-time? We got a destination for that called — Satoshi Pulse.
The post Bitcoin Vietnam Faces Losing its Domain from Government appeared first on Bitcoin News.
Nasdaq-listed technology firm Xunlei has become the subject of multiple class-action lawsuits from investors who purchased the company’s digital token, Linktoken. Xunlei is accused of misleading investors to disguise an initial coin offering (ICO) through which Linktoken was distributed.
Xunlei CEO Rejects ICO Allegations
The chief executive officer of Xunlei, Chen Lei, has rejected accusations that the company misled investors in order to illegally conduct an ICO in China.
Xunlei’s Linktoken was distributed to users in exchange for a contribution of idle internet bandwidth, according to South China Morning Post. Chen Lei has claimed that the Linktoken distribution did not comprise an ICO due to the company not raising any funds through the issuance of the tokens, and due to Linktoken comprising a utility token that is not allowed to be traded. “By making a public offering, really you need to use it to raise money. We have never used a coin to raise any money at all, that’s never our intention,” Mr. Lei stated.
In October 2017, Linktoken was launched in conjunction with other efforts by Xunlei to enter the booming blockchain industry. Whilst the distribution of the Linktoken appears to have been the catalyst for many weeks of sharp bullish action, the value of Xunlei’s stock has more than halved since posting 500% gains and setting record highs of $ 25 USD in November 2017.
Xunlei’s Stock Plummets
Since then, the price of Xunlei’s shares had plummeted to approximately $ 10 by early April, prompting some U.S.-based investors to seek action against the company for allegations of giving false and/or misleading statements regarding the legitimacy of the company’s cryptocurrency-related activities between October 2017 and January 2018. Among other allegations, investors have pointed to the requirement that they purchase hardware from Xunlei in order to share bandwidth and claim the digital tokens in return.
Chen Lei has refuted the allegations, stating “We are a small capital company, so our stock price does fluctuate, but I don’t think there’s any basis for the lawsuit because we’re operating in China and it is the Chinese law and regulations that we need to observe,” adding that “the definition of [an] ICO has to be interpreted in the Chinese market.” Mr. Lei also indicated that Xunlei is currently in the process of hiring legal counsel to refute the allegations.
Chen Lei Claims to Support Regulatory Action Against ICOs
Chen Lei also criticized initial coin offerings and advocated for greater regulatory action to be taken against such, stating “ICOs are terrible, and give a bad name to blockchain technology. Governments should clamp down on these practices – a crackdown is the only way blockchain can rebuild its reputation.” Mr. Lei added: “We have been very straight on our business practices – we do not sell tokens.”
China’s National Internet Finance Association (NIFA), a self-regulatory body established by the People’s Bank of China and authorized by China’s State Council, conducted an investigation into Xunlei’s token distribution, concluding in January the company had evaded regulations through conducting an “initial miner offering.”
NIFA stated “In the case of Lianke issued by Xunlei, for example, the issuing company in effect substitutes Lianke for the duty to pay back project contributors with legal tender, making it essentially a financing activity and a form of disguised ICO. In addition, with frequent promotional activities and publishing of trading tutorials, Xunlei has lured many citizens without sound discernment into IMO activities.”
Xunlei Shares Bounce After Blockchain Launch
Despite the controversy and ongoing class-action lawsuits, Xunlie’s stock has bounced in recent days following the company’s announcement that its “Thunderchain” blockchain platform designed to facilitate the development of decentralized applications has been launched.
Xunlei’s shares (XNET) are currently trading at $ 13.46, after retracing from highs of $ 14 on the 20th of April.
Do you think that Xunlei will be successful in evading ICO status regarding its Linktoken issuance? Share your thoughts in the comments section below
Images courtesy of Shutterstock, Wikipedia
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The post Nasdaq-Listed Company Xunlei Faces Class-Action for Disguising ICO appeared first on Bitcoin News.
Before becoming the heir apparent to Cuban President Raul Castro, when Miguel Díaz-Canel was still climbing his way up the ranks of the Communist Party hierarchy in the island’s provinces, he earned a nickname that stuck with him: “Día y Noche,” or Day and Night.
CNN.com – RSS Channel – Regions – Americas
‘Hit Assad hard, put smiles on the faces of all who lost children’: A Syrian activist’s message for TrumpApril 14, 2018 | dailybusinessnews
Mr. Trump, my name is Abdalaziz Alhamza. I am a 26-year-old Syrian refugee and I want to personally say thank you.
In Japan, some employers are strict on the perks of seniority—including the issue of which workers should be allowed to marry and get pregnant first. That’s why, in a Feb. 28 letter to the Japanese newspaper Mainichi Shimbun , one man says his wife became “glum and anxious” when she…
Britain’s opposition Labour Party is facing accusations of anti-Semitism that reached the party’s senior leadership and triggered a resignation of a close ally of party leader and veteran leftist Jeremy Corbyn.
WSJ.com: What’s News Europe
The administration’s commitment to coal is under its stiffest test yet after an Ohio energy company made a plea to favor that power source over its many rivals, including oil and natural gas.
WSJ.com: US Business
Prosecutors ordered former French President Nicolas Sarkozy to stand trial for allegedly attempting to obtain confidential information about a police inquiry into his campaign finances, compounding the politician’s legal woes as he faces two other criminal investigations.
WSJ.com: What’s News Europe
Like many South Korean leaders before him, President Moon Jae-in’s term in office has become dominated by his country’s northern neighbor.
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