OneCoin just got caught peddling a forged government document in Vietnam.

The scheme unraveled fast. Last weekend, OneCoin held an affiliate event in Vietnam and simultaneously circulated what it claimed was official licensing from the Vietnamese government. The document, supposedly signed by the Hanoi Investment Management Department on June 16, 2017, stated that OneCoin's electronic money business—operating under a shell company called Trident Crypto Academy—complied with Vietnamese law. OneCoin CEO Pierre Arens made the announcement at the event, declaring Vietnam the first country in Asia to officially license OneCoin.

The company even listed an office address: Floor 12, 789 Building of the Ministry of Defense in Hanoi.

Vietnam's government called bullshit three days later.

The Ministry of Planning and Investment issued a statement declaring document 116/2017/PĐ-BKH ĐT a forgery. The ministry had started getting complaints from the public about the document on June 19th and launched an investigation.

What they found was sloppy work. The forged document carried the seal of the Department of Management and bore the signature of Nguyen Dang Truong as Deputy Director. But there were problems.

The document violated administrative regulations. It was dated June 16, 2017, yet purported to carry Truong's signature as chairman—a position he never held. At that time, Truong was Director of DAM, not chairman of anything. The government also noted that the DOL had specific legal protocols for documents like this, and this wasn't it. The signature and seal were copied and fake.

OneCoin affiliates scrambled to erase the evidence. Vietnamese OneCoin websites deleted promotional posts touting the licensing.

Everything points to Arens as the source. Vietnamese affiliate marketing materials credited him with announcing the licensing at the weekend event. Using a shell company to pose as a legitimate local business mirrors OneCoin's established playbook for operating in countries where the scheme isn't legally registered.

Arens has been aggressive with false claims lately. He recently told OneLife affiliates in Tokyo that OneCoin had secured various regulatory approvals—announcements that have proven as reliable as a three-dollar bill.

OneCoin has faced regulatory crackdowns worldwide. The scheme has been flagged by authorities from Bulgaria to India for operating as an unlicensed financial service. The company's founder, Ruja Ignatova, disappeared in 2017 as investigations intensified. Yet the operation continues churning out marketing promises in new markets.

Vietnam's government made its position clear: OneCoin has no license there. The forged document proves the company will fabricate official sanction when real approval won't materialize. For the Vietnamese affiliates who bought into Arens's pitch, the licensing claim was the bait. Now they're left holding worthless digital coins and empty promises.

🤖 Quick Answer

What false claims did OneCoin make regarding Vietnamese government licensing?
OneCoin claimed to possess official licensing from Vietnam's Hanoi Investment Management Department dated June 16, 2017, authorizing its electronic money business operations through shell company Trident Crypto Academy. CEO Pierre Arens announced Vietnam as Asia's first country officially licensing OneCoin, listing a fraudulent office address at a Ministry of Defense building.

How did Vietnamese authorities respond to OneCoin's forged document?
Vietnam's government publicly denied the document's authenticity three days after OneCoin's affiliate event, refuting claims of official licensing and regulatory compliance for the cryptocurrency scheme.

What regulatory concerns did OneCoin's actions raise in Vietnam?
OneCoin's circulation of forged government documentation demonstrated sophisticated fraud tactics targeting investors through false regulatory legitimacy, highlighting vulnerabilities in cryptocurrency oversight and the need for enhanced document verification protocols.

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