Source: Cointelegraph | Category: Cryptocurrency
Retail cryptocurrency traders in Vietnam who use offshore exchanges such as Binance and OKX face fines of up to VND 50 million (approximately $1,900) under a new enforcement directive from the State Bank of Vietnam, while Chinese authorities are reportedly scrutinizing Coinbase’s operations in the region, according to Cointelegraph’s Asia Express roundup.
The Vietnamese central bank’s directive, issued in late June, classifies unlicensed crypto trading as a violation of foreign exchange management regulations. Individuals caught transacting on platforms without a local license—which currently includes all major global exchanges—can be fined 100 million to 200 million VND ($3,800–$7,600) for organizations and 25 million to 50 million VND ($950–$1,900) for individuals.
“Vietnam has one of the highest crypto adoption rates globally, but the regulatory framework hasn’t caught up,” said Le Anh Dung, a Hanoi-based fintech attorney. “The new fines effectively criminalize retail usage of the most popular platforms, pushing activity underground rather than into regulated channels.”
Binance and OKX dominate Vietnam’s crypto trading volume, with local estimates suggesting over 5 million active users. Neither exchange has obtained a Vietnamese license, though Binance has signaled willingness to comply if a clear licensing pathway emerges. The State Bank of Vietnam has not yet published a licensing framework for crypto exchanges.
Separately, Chinese regulators have reportedly begun examining Coinbase’s limited presence in the country, focusing on whether the U.S.-listed exchange’s institutional custody and prime brokerage services violate China’s blanket ban on crypto trading and related financial services. Coinbase does not operate a retail-facing platform in mainland China but serves some Hong Kong-based institutional clients through its Singapore entity.
The dual developments highlight the diverging regulatory approaches in Asia. Vietnam is attempting to assert monetary sovereignty by penalizing retail users, while China continues to enforce its comprehensive ban while selectively allowing blockchain infrastructure development in designated zones like Hong Kong and Hainan.
In Malaysia, a separate controversy has erupted over the government’s Network School initiative, which bars Israeli citizens from participating in a new digital education program funded by a UAE-based crypto foundation. The ban has drawn criticism from international human rights groups and raised questions about the intersection of geopolitics and digital asset funding in Southeast Asia.
Source: Cointelegraph
