Vietnam’s $200B Crypto Market at Risk? Binance, OKX Face Sudden Ban Threat

Key Takeaways

• Vietnam is drafting a prohibition connected overseas crypto exchanges similar Binance and OKX.

• New rules prioritize licensed home platforms with strict superior requirements.

• A $200 cardinal marketplace whitethorn displacement onshore, bringing regularisation but near-term disruption.

Vietnam is preparing to redraw the representation of its $200 cardinal crypto marketplace — and overseas exchanges could beryllium the biggest losers.

According to a caller Reuters report, authorities are drafting rules that would barroom Vietnamese traders from utilizing offshore platforms similar Binance, OKX, and Bybit, signaling 1 of Southeast Asia’s astir assertive crypto regulatory overhauls to date.

Vietnam could go the 2nd large Asian system aft India to enforce a broad regularisation connected unregistered overseas crypto exchanges.

However, there’s a cardinal distinction: portion India yet allowed overseas platforms to registry locally, Vietnam’s existent absorption suggests a much tightly controlled, domestically anchored system.

Once finalized, the caller rules would artifact Vietnamese users from accessing offshore platforms altogether.

Authorities are expected to present a six-month modulation play aft issuing the archetypal section licenses.

After that, each trading enactment indispensable determination to approved home exchanges.

A March 12 Finance Ministry papers shows 5 large players person already passed archetypal screening:

• Affiliates of Techcombank, VPBank, and LPBank.

• VIX Securities.

• Conglomerate Sun Group.

Sun Group and VPBank person publically confirmed their applications, signaling that well-capitalized institutions are positioning aboriginal to predominate the licensed market.

At the aforesaid time, regulators are accelerating a aviator programme for Vietnam’s archetypal authoritative crypto exchanges, with archetypal approvals perchance arriving arsenic aboriginal arsenic this month.

These platforms volition initially run successful designated fiscal hubs specified arsenic Ho Chi Minh City and Da Nang and volition settee trades successful Vietnamese dong.

For years, Vietnam’s crypto assemblage existed successful a ineligible grey area.

Since 2017, the State Bank of Vietnam has banned cryptocurrencies arsenic a means of payment, but individuals person continued to clasp and commercialized integer assets without a ceremonial regulatory framework.

That began to alteration successful 2025.

The National Assembly passed the Law connected Digital Technology Industry, which came into unit connected Jan. 1, 2026, formally recognizing integer assets arsenic ineligible spot nether civilian law.

This displacement laid the groundwork for taxation, oversight, and licensing.

In September 2025, the authorities launched a five-year aviator programme for a regulated crypto market, followed by the opening of licence applications successful aboriginal 2026 nether Decision 96/QĐ-BTC.