Recent discussions in the cryptocurrency investment community in Vietnam have shown an increasing number of cases involving criminal activities or being investigated by authorities due to P2P transactions related to money laundering/fraud.
Here are a few observations from BeInCrypto about this situation and advice from experienced investors.
Invited by the police for questioning after P2P transactions
Recently, in a large Facebook group about crypto investment in Vietnam, an investor shared a story about P2P transactions and attracted the attention of the community with valuable discussions. Specifically, this investor was invited by the authorities for questioning after selling 6,000 USDT through P2P.
"A few days ago, I sold nearly 6,000U through a bank transfer, and the next day I received a notice from the city police about freezing my bank account because they suspected it was related to a fraud scheme. I just called the investigator who issued the notice, and he told me to come in on Monday to explain the money with the recipient. He said the recipient was a scammer." - Investor Pham Minh Anh said.
After Minh Anh shared his story, many other investors also reported similar experiences. The story quickly spread in the X community, and many experienced traders began to provide explanations for the situation like Minh Anh's.
"Money laundering criminals from Cambodia are very active on P2P, so brothers and sisters need to be extremely careful, because holding USDT is the fastest way to get money out of Vietnam. When transacting with anyone, you need to provide ID, transfer to the account owner, and if the other party cannot provide this, the risk of dirty money is very high." - Hoai Nam - Founder of Holdstation - commented.
In 2024, the Cyber Security and High-Tech Crime Prevention Department of the Tay Ninh Provincial Police discovered and dismantled a group of Vietnamese and foreign individuals in Cambodia who were engaged in the purchase of bank accounts to provide to fraud groups to misappropriate assets overseas. The total amount of illegal transactions involving the buying and selling of USDT carried out by this group from November 2023 to May 2024 was over 1.1 billion USDT, equivalent to over 25 trillion VND.
Many crypto investors, when engaging in P2P transactions, are unaware that they are dealing with money launderers using bank accounts that have been sold. Many investors are also careless, conducting P2P transactions without verifying the identity of the counterparty.
"This is why money launderers love to operate on P2P, because there is no KYC, so they can launder all the fraud money in Vietnam, take the USDT out of the country, and flee far away." - Investor Bi Can Tho said.
Returning to Minh Anh's story, many comments from investors who have encountered similar situations have provided advice. This includes the need to explain the truth, cooperate with the police to prove that they are not assisting in fraud, and demonstrate the origin of the money.
"Go in for questioning normally, prove the source of the money is not related to fraud, and you'll be fine." - Investor Nguyen Ba Vuong said.
The Financial Action Task Force (FATF) - an intergovernmental body established in 1989 - has listed Vietnam on the "Gray List" since June 2023. Deputy Prime Minister Le Minh Khai, in a meeting of the Anti-Money Laundering Steering Committee in October 2023, stated that "Resolutely implement all measures to remove Vietnam from the Gray List within 2 years."
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