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Important: Based on article data: Binance spreads are 0.08% for BTC/VND. All calculations include 22% capital gains tax. Large deposits over VND 100 million may trigger bank freezes.
How Vietnamese Traders Access Crypto Exchanges in 2025
Vietnam doesn’t have a legal ban on cryptocurrency - but it doesn’t officially recognize it either. Since 2014, the State Bank of Vietnam has said digital assets aren’t legal tender. Yet, by 2025, 21 million Vietnamese - over 20% of the population - own crypto. How? They found ways to trade anyway.
The rules changed in January 2025. The government passed Resolution 05/2025, launching a five-year pilot program that allows only five licensed exchanges to operate legally. These platforms must use Vietnamese dong (VND), accept only local investors for 65% of their capital, and prove they’ve been profitable for two straight years. The minimum capital requirement? VND 10 trillion (about $380 million). That’s not a startup budget - it’s a bank’s.
So what happens to regular traders? They don’t wait for permission. They use global exchanges that speak Vietnamese, accept VND, and work around the gray zones.
Top Platforms Vietnamese Traders Actually Use
There are no Vietnamese-owned exchanges with real scale yet. Instead, traders rely on global platforms that built local infrastructure. Here’s who’s leading:
- Binance - Handles 45% of all crypto trading in Vietnam. It’s the default choice because it supports VND deposits via 28 local banks, MoMo, ZaloPay, and VNPay. Its P2P network has thousands of sellers, and BTC/VND spreads are the tightest in the market at 0.08%.
- Bybit - Dominates futures trading. 68% of Vietnamese trading volume on Bybit is in perpetual contracts. It’s popular for leverage up to 25x, which is the legal cap under draft rules. Its interface is clean, and its Vietnamese customer support responds faster than most.
- OKX - Trusted for transparency. It publishes monthly proof-of-reserves audits. Fees are slightly lower than Binance (0.08% spot), but its support team is mostly English-speaking, which frustrates users.
- MEXC and KuCoin - Attract users who want early access to new tokens. Their spot fees are as low as 0.02%, and they list obscure coins other platforms ignore.
- Remitano - Used by beginners. It’s a P2P-only platform with no wallet or advanced trading - just buy and sell VND for crypto directly with locals. But it’s risky. In Q3 2025, over 4,200 fraud cases were reported on P2P trades.
- Kraken and Coinbase - Not directly usable. They don’t support VND deposits. Vietnamese users must route money through third-party P2P sellers or use foreign bank accounts - which most don’t have.
As of October 2025, Binance, Bybit, and Bitget combined handle over $74 billion in daily global volume - and Vietnamese users make up a huge chunk of that. Binance alone processes $2.3 billion in VND trading every 24 hours.
How You Deposit VND - The Real Path
You can’t wire USD or EUR into these exchanges from Vietnam. It’s all VND. Here’s how it works in practice:
- Bank transfer - Link your Vietnamese bank account (Vietcombank, Techcombank, BIDV, etc.) to the exchange. Deposits take 2-5 minutes thanks to NAPAS integration. Withdrawals take 15-30 minutes.
- E-wallets - MoMo and ZaloPay are the most common. You top up your e-wallet with cash at a convenience store, then send it to the exchange via their P2P system.
- P2P trading - You find a seller on Binance or Bybit who accepts VND. You pay them directly via bank transfer or e-wallet. They release the crypto once payment is confirmed. This is the most popular method for beginners.
But here’s the catch: banks sometimes freeze accounts if you deposit large amounts. One user transferred VND 150 million ($6,000) in one go and got locked out for two weeks. Experts recommend splitting deposits under VND 100 million ($4,000) per transaction to avoid suspicion.
KYC: The Gatekeeper
Every exchange requires KYC. But Vietnam’s version is strict. You need:
- Your National ID card (CMND or CCCD)
- A live selfie matching your ID photo
- Proof of address (sometimes)
The system checks your ID against Vietnam’s national database. If your face doesn’t match, or your ID is expired, you get rejected. OKX had a wave of complaints in October 2025 because users’ IDs had outdated addresses or mismatched fonts in the system.
Verification takes 18-48 hours. Binance and Bybit are fastest - often under 24 hours. Kraken? 3-5 days. And if you mess up your documents? You’re stuck waiting.
Trading Behavior: What Vietnamese Users Actually Buy
It’s not just Bitcoin. Vietnamese traders love leverage.
On Bybit, 68% of trading volume is in perpetual futures contracts. Traders bet on price swings with up to 25x leverage - the highest allowed under draft regulations. BTC, ETH, and SOL are the top pairs. Many use automated bots or follow signals from popular Vietnamese Telegram groups like “Crypto Vietnam Official” (48,200 members).
Spot trading is common too - especially for new users. Binance’s “Vietnam Summer” campaign in Q3 2025 gave away $5 million in BTC to 250,000 users. That drove millions of new signups.
But few track taxes. Vietnam imposes a 22% capital gains tax. Exchanges don’t auto-report. You have to calculate every trade manually. Most don’t. The government is catching up - Circular 15/2025 proposes mandatory reporting for transactions over VND 200 million ($8,000).
The Hidden Costs and Risks
It’s not all smooth sailing.
- Slow support - During market crashes, Binance’s Vietnamese support takes 72 hours to reply. Bybit is better - around 15 minutes on average.
- Internet lag - Vietnam’s network infrastructure adds 38% more latency than Singapore’s. API calls take 420ms on average. For scalpers, that’s a dealbreaker.
- P2P scams - 4,200 fraud cases were reported in Q3 2025. Sellers disappear after receiving VND. Always use escrow. Never pay outside the platform.
- Bank account freezes - As mentioned, large deposits trigger fraud alerts. Use smaller, frequent transfers.
- Withdrawal limits - During volatility, Bybit and Binance impose daily withdrawal caps. You might not be able to pull out your profits when you need to.
And then there’s the future. The government is preparing to replace current KYC with Vietnam’s National Digital Identity system in Q1 2026. That means your crypto account will link directly to your government ID - no more manual uploads. It’s more secure… but also more controlled.
Who’s Winning? The Local Players
SSI Digital, Techcom Securities’ TCEX, and VIXEX are among the five applicants for the government’s five licenses. SSI Digital launched in September 2025 with VND 200 billion ($1.36 million) in capital - a fraction of the required VND 10 trillion. They’re small. Their September trading volume? $127 million. Binance’s daily volume? $1.8 billion.
Experts are split. Some say local exchanges will grow - Tiger Research predicts 15% market share by 2027. Others say global platforms will dominate. Chainalysis says 85%+ of trading will stay on Binance, Bybit, and OKX through 2027. Why? Trust. Liquidity. Speed.
Meanwhile, 27% of Vietnamese crypto startups have moved to Singapore since January 2025. The capital barrier is too high. The rules are too tight. The innovation is being squeezed out.
What You Should Do Right Now
If you’re a Vietnamese trader in 2025, here’s your action plan:
- Start with Binance - It’s the easiest, most liquid, and has the best VND support.
- Use MoMo or ZaloPay for deposits - faster than bank transfers, less likely to trigger flags.
- Keep deposits under VND 100 million per transaction to avoid bank freezes.
- Always use 2FA and biometric login - Vietnamese hackers target crypto accounts aggressively.
- Track your trades manually - Use a spreadsheet or free tool like Koinly to calculate your 22% tax liability.
- Join Vietnamese crypto Telegram groups - “Crypto Vietnam Official” and “Tiền Ảo TV” on YouTube give real-time tips in your language.
- Never trade outside the exchange - No WhatsApp, no bank transfers without escrow.
The system isn’t perfect. But it works. And for now, it’s the only game in town.
Is crypto legal in Vietnam in 2025?
Crypto isn’t illegal, but it’s not legal tender either. The government allows trading only through five licensed exchanges under a five-year pilot program starting January 2025. All trading must use Vietnamese dong (VND). Unlicensed platforms operate in a gray zone - many traders still use global exchanges like Binance and Bybit.
Can I use Coinbase or Kraken in Vietnam?
You can create an account, but you can’t deposit VND directly. These platforms don’t support local bank transfers or e-wallets. To trade, you’d need to buy crypto via P2P sellers first, then transfer it to your Coinbase or Kraken wallet. It’s possible, but complicated and risky.
Which exchange has the lowest fees in Vietnam?
MEXC and KuCoin offer the lowest spot trading fees at 0.02%. Binance charges 0.1% spot and 0.02%/0.06% for futures. OKX is close behind at 0.08% spot. But lower fees don’t always mean better - Binance has far deeper VND liquidity, meaning tighter spreads and faster trades.
Do I have to pay tax on crypto in Vietnam?
Yes. Vietnam imposes a 22% capital gains tax on crypto profits. No exchange provides automated tax reports. You must track every buy and sell manually. Starting in 2026, transactions over VND 200 million ($8,000) may require mandatory reporting to authorities.
Why do my bank transfers keep getting blocked?
Banks in Vietnam flag large or frequent crypto-related transfers as suspicious. To avoid this, split deposits under VND 100 million ($4,000) per transaction. Use e-wallets like MoMo or ZaloPay instead of direct bank transfers when possible. Avoid sending money to unknown accounts - even if they’re listed as P2P sellers.
Will local Vietnamese exchanges replace Binance soon?
Unlikely in the near term. Only five licenses are available, and the capital requirement (VND 10 trillion) is too high for most local firms. Even the top applicants like SSI Digital have less than 1% of Binance’s trading volume. Global exchanges have the liquidity, tech, and trust that local players can’t match yet.
Elizabeth Melendez
November 1, 2025 AT 19:45Okay so I just spent 45 minutes reading this and I’m genuinely impressed. Like, I knew Vietnam had a crypto scene but 21 million people? That’s more than the entire population of some European countries. And the fact they’re using MoMo and ZaloPay like ATMs for crypto? Genius. I’ve seen people in the Philippines do similar things with GCash, but Vietnam’s infrastructure is next level. The 0.08% spread on Binance is insane too - I wish my local exchange here in the US had that kind of liquidity. Also, the bank freeze thing? Real. My cousin tried to send $8k to Binance and got locked out for three weeks. Splitting deposits under $4k is the only way to survive. Thank you for this. I’m saving it.
Phil Higgins
November 1, 2025 AT 22:40There’s a quiet revolution happening here. Not in the headlines, not in the crypto influencers’ videos - but in the back alleys of Hanoi, in the 7-Eleven cash deposits, in the late-night Telegram groups where someone whispers, ‘Sell at 67k.’ This isn’t about speculation. It’s about autonomy. When the state refuses to acknowledge your money, you build your own system. The 22% tax? Irrelevant. The KYC? A formality. The real victory is that 21 million people refused to wait for permission. They built a parallel economy with e-wallets and P2P, and the banks can’t stop it. That’s not crypto. That’s civil society.
Genevieve Rachal
November 2, 2025 AT 19:26Wow. Just… wow. This post is so well-researched it’s almost scary. But let’s be real - Binance is the only reason this works. Without their VND integration, none of this happens. And let’s not pretend MEXC’s 0.02% fees are ‘better’ - if your order doesn’t fill because there’s no liquidity, your ‘low fee’ is just a joke. Also, 4,200 fraud cases on Remitano? That’s not a feature, that’s a warning label. And don’t even get me started on the ‘Vietnam Summer’ giveaway - that’s pure marketing bait. People think they’re getting free BTC, they’re just getting addicted to the platform. And tax evasion? Please. The government is coming. Circular 15/2025 isn’t a suggestion. It’s a countdown. You think you’re clever? You’re just early.
Eli PINEDA
November 4, 2025 AT 13:32wait so like… if u use zalo pay to send money to binance, does the bank even see it? like i heard they only flag direct transfers? and also is the 0.08% spread really that tight? cuz i thought binance charged 0.1%?? and also why do u need proof of address?? i thought vietnam only uses cccd?? idk i’m confused lol
Debby Ananda
November 5, 2025 AT 00:26OMG I’m so obsessed with this post 😍 Like, who even *is* this person?? You’re basically the crypto oracle of Southeast Asia 🙌 I just opened a Binance account after reading this and I’m already in love. MoMo + 25x leverage = pure magic 💫 And the fact that you mentioned Telegram groups?? I joined Crypto Vietnam Official and now I’m getting signals every 20 minutes. I’m rich 😭😭😭