The collapse of the virtual currency exchange that used to be PR, can criminally prosecute Ngoc Trinh, Kieu Minh Tuan, Le Duong Bao Lam, Nam Thu … and a series of Vietnamese stars?

On June 25, the Lion Group suddenly announced the temporary closure of its FXTradingmarkets trading platform, and promised to return soon. It is worth mentioning that this is the exchange that a series of Vietnamese artists PR not long ago.

To entice investors to buy FXT, the multi-level virtual currency exchange Lion Group uses the trick of committing huge profits, up to 1%/day, 24%/month. This caused thousands of people to pour money to buy this coin and a short time later, they could not withdraw their money anymore.

Before that, on May 11, the social network was “hot” before the information posted by many Vietnamese stars advertising for some digital currencies on their personal facebook page. Typically, Ngoc Trinh, Kieu Minh Tuan, Nam Thu, Le Duong Bao Lam, Kha Nhu… When these people post content promoting the trading of digital currencies, including garbage coin, the online community has reacted violently because celebrities “despise” them. Therefore, after only a few hours, the owners of these ads simultaneously deleted the related posts.

The question here is with such virtual currency PR, will Vietnamese artists be criminally handled?

” For the posting of Vietnamese stars about virtual currencies with identical content and images related to some digital currencies and the same hashtags, punctuation, line breaks, etc., we have the right to question whether there is any agency behind hiring this group of celebrities to advertise?

However, to consider whether they can be handled for administrative violations or be involved in criminal liability, it is necessary to have the involvement of relevant authorities. Thereby to verify that they have violated the law to what extent, but cannot be arbitrary just from the same post content. The definition of fraud is using deceitful tricks to appropriate other people’s property”, Lawyer Truong Thanh Duc – Hanoi Bar Association informed in the Law newspaper.

In addition, the Department of Competition and Consumer Protection (Ministry of Industry and Trade) has also issued many warnings about advertising and calling for financial investment through financial investment floors. Accordingly, many exchanges show signs of enticing participants by paying bonuses and commissions for inviting more members to participate in investment in many levels and branches, showing signs of illegal business. .

In fact, the legal provisions dealing with this issue have existed for a long time. Specifically, according to Decree 40/2018/ND-CP dated March 12, 2018 of the Government on the management of business activities under the multi-level method, all business activities under the multi-level method with subjects who are not goods are prohibited (unless otherwise provided by law), according to which the above financial investment floors are not granted certificates of registration of multi-level sale activities.

Therefore, organizations and individuals participating in and mobilizing participants to invest through these financial investment platforms can be criminally handled (fine up to 5 billion VND or 5 years imprisonment according to Article 217a). Penal Code on violations of regulations on multi-level business).

Whether the artists broke the law or not needs to wait for the official conclusion of the authorities. Currently, the artists who have PR for the exchange and this digital currency have not yet commented on the incident. We will continue to update the latest information.