Bitcoin Exchange Making Big Deals Is Shutting Down!

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VCC Exchange, which received a lot of attention from the Vietnamese crypto community for its organizations with the Vietnamese Ministry of Justice and several blockchain programs, surprised everyone by deciding to cease its operations. Why did major Bitcoin exchange VCC Exchange stop serving Vietnamese users?

Bitcoin exchange has ceased operations

On the morning of January 25, 2022, the VCC EXCHANGE exchange issued a notice to cease services, citing changes in its internal policies. However, the exchange did not provide further details on “domestic policy”. To prevent loss, the exchange requires users to withdraw their holdings before February 14, 2022, and VCC Exchange will also officially cease offering services from this date. If you Google the keyword “VCC exchange has stopped working”, the first result will be the exchange’s website. However, clicking this link shows a DNS error message that prevents users from accessing this link. Content viewed outside suggests that VCC will stop serving Vietnamese users, but it’s unclear whether the exchange will stop operating globally.

Previously, there were many doubts that VCC Exchange was a scam exchange. However, many corrections have been issued and the stock market floor is said to have a high reputation. For example, VCC’s development team were well-known in the industry by name and public address, unlike other projects in Vietnam. Additionally, VCC has been backed by major funds such as Signum Capital Axiom Associates. Signum Capital is the wealthiest royal fund in Singapore. The VCC also showed company addresses in Singapore and Vietnam, showing that the exchange floor was always fully compliant with state regulations. However, if we dig deeper, we can see that the exchange’s Telegram channel has been empty for a while and has hardly posted any updates since November 2021.