Vietnam Cracks Down on Unlicensed Crypto Exchanges

Starting September 1, Vietnam will enforce stricter rules for cryptocurrency trading, which may mark the end of unlicensed exchanges operating in the country. The new regulations come in the form of Decree No. 284, which imposes administrative penalties on violations involving cryptocurrencies and the crypto market.

Under the decree's provisions, domestic investors who trade cryptocurrencies without using a licensed exchange will face fines ranging from VND30 million to VND50 million (approximately $1,200-$2,000 USD). This means that from September 1, cryptocurrency traders in Vietnam will be required to conduct transactions through exchanges licensed by the Ministry of Finance.

So far, no crypto asset exchange has been licensed in Vietnam. However, five applications have been submitted for licenses: VIX Crypto Asset Exchange JSC; Loc Phat Vietnam Crypto Asset Exchange JSC; Vietnam Prosperity Crypto Asset Exchange JSC; Techcom Crypto Asset Exchange JSC; and Vietnam Digital Asset JSC.

Binance is the most popular international crypto exchange among Vietnamese investors, followed by platforms such as OKX, BingX, Bitget, Gate, and MEXC. In response to the new regulations, Binance has advertised for a country general manager position in Vietnam, seeking candidates with 10 years of experience and strong technical knowledge.