On November 17, 2023, after several attempts but without success to contact representatives from Binance to discuss information and requests for users at risk of being scammed within the framework of the ChainTracer project and various educational activities, the Vietnam Blockchain Association officially announced the termination of cooperation with this unit.
As per the Memorandum of Understanding (MOU) signed between the Vietnam Blockchain Association (VBA) and Binance Technology Company Limited (Binance) on June 4, 2022, the two parties agreed to collaborate on three main activities: knowledge sharing, promoting the testing and development of blockchain applications; advancing blockchain research and human resource development in the blockchain industry; supporting and contributing to discussions aiming to build legal frameworks and management policies in the field of digital asset development and decentralized ledger technology.
However, since then, the VBA has attempted numerous times to execute the agreed-upon activities but has never received a serious and positive response from Binance.
Most notably, Binance has never agreed to participate in educational programs and training organized by VBA to enhance knowledge and awareness of blockchain technology and projects in Vietnam, despite this being a top priority in the MOU between the two parties.
Secondly, on November 16, 2023, VBA contacted Binance (through Ms. Lynn Hoang – Binance Vietnam’s Country Director and through Binance’s official website at https://www.binance.com/en/support/law-enforcement) to request support for a victim of the ETH Mining scam project. This incident was reported to VBA through ChainTracer – a program to trace projects with suspicious signs, implemented by VBA in collaboration with reputable partners. VBA forwarded this coordination request to Binance suspecting that a portion of the victim’s cryptocurrency had been sent to a Binance account and processed as a mixing mechanism to conceal its origin.
However, Binance did not respond to any of these support requests, despite several reminders through various means.
Due to Binance’s lack of respect for the spirit of support and promotion of Vietnam’s blockchain industry development as agreed upon, VBA decided to terminate the cooperation agreement between the two parties starting from November 17, 2023. This was communicated formally through an official letter and messages sent to Binance’s representatives in Vietnam.