Vietnam Targets Binance and OKX in Crypto Rule Overhaul

TLDR

• Vietnam plans to ban access to foreign crypto exchanges, including Binance and OKX, under new draft rules.
• The Ministry of Finance aims to tighten control over capital flows and improve tax monitoring.
• Authorities want to shift crypto trading activity to licensed domestic platforms.
• Hanoi will launch a pilot program for locally approved crypto exchanges this month.
• Five firms linked to major banks and corporations have passed the initial screening.

Vietnam plans to restrict access to major overseas crypto exchanges, including Binance and OKX, under new draft regulations. Authorities aim to strengthen oversight of digital asset trading and control cross-border capital flows. At the same time, the government will promote licensed domestic exchanges through a pilot program.

Vietnam to Ban Overseas Exchange Binance and OKX

Vietnam’s Ministry of Finance has outlined new rules targeting foreign crypto platforms. The draft proposes blocking access to exchanges such as Binance and OKX. Authorities state that they want to tighten control over capital movement.

Officials have raised concerns about uncontrolled funds leaving the country through crypto trades. Vietnam already enforces strict rules on overseas money transfers. However, many citizens use crypto as an alternative investment channel.

Vietnam ranks fourth globally in crypto usage, with over $200 billion in yearly trading volume. Authorities believe foreign platforms limit effective monitoring and tax collection. Therefore, regulators seek to shift trading activity toward licensed domestic exchanges.

The Ministry of Finance document states that the policy aims to improve transparency. It also seeks to strengthen tax compliance and reduce financial risks. However, officials have not announced a final implementation date.

Vietnam Promoting Local Crypto Exchange

Hanoi plans to launch a pilot program for locally licensed crypto exchanges as early as this month. Five firms have passed the initial screening for participation. These firms include companies linked to Techcombank, VPBank, LPBank, VIX Securities, and Sun Group.

Authorities intend to create a regulated trading environment within Vietnam. They expect local platforms to retain transaction fees inside the country. Regulators also aim to enhance reporting standards and compliance systems.

Phan Duc Trung, chairman of the Vietnam Blockchain and Digital Assets Association, addressed the proposal. He said, “Regulated platforms could keep transaction fees within the country and support the digital economy.” He also stated that the legal framework remains incomplete.

Trung added that authorities must clarify taxation, compliance, and risk management rules. Last month, officials proposed a 0.1% tax on each crypto trade or transfer through licensed platforms. Lawmakers continue to review this tax measure.

In other jurisdictions, similar restrictions have shifted users toward decentralized exchanges and peer-to-peer trading. Market observers note that decentralized platforms operate without central intermediaries. Vietnam has not announced specific measures addressing decentralized services.

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