South Korean cryptocurrency exchange Bithumb is expanding into Southeast Asia through a strategic partnership with SSI Digital, a subsidiary of Vietnam’s largest securities firm, positioning itself for the country’s forthcoming pilot program for licensed digital asset trading platforms.
The exchange announced it has signed a memorandum of understanding with SSI Digital to cooperate on establishing and operating a virtual asset exchange in Vietnam. The agreement, initially signed in Hanoi in March but disclosed Thursday, also allows for a potential strategic equity investment by Bithumb in an entity designated by SSI Digital, pending Vietnamese regulatory approvals.
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Vietnam’s strict crypto pilot framework
Vietnam launched a five-year pilot program for licensed domestic digital asset exchanges in September 2025. The program imposes stringent requirements: operators must be Vietnamese entities with at least 10 trillion dong (approximately $380 million) in charter capital, and foreign ownership is capped at 49%. Authorities are also drafting rules that could restrict trading on unlicensed overseas platforms, creating a protected market for approved domestic exchanges.
Competition for licenses is already intensifying. A Finance Ministry document cited by Reuters in March revealed that five firms — including affiliates of private banks Techcombank, VPBank, and LPBank, broker VIX Securities, and conglomerate Sun Group — have cleared an initial qualification round.
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One of the most advanced bids is VPBank-linked CAEX, which secured backing from OKX Ventures and HashKey Capital in April to help meet the minimum charter capital threshold.
Vietnam ranked fourth globally in crypto adoption in 2025, according to blockchain forensics firm Chainalysis, underscoring the market’s appeal for exchanges seeking regulated entry points.
Bithumb’s domestic headwinds add urgency
The expansion comes as Bithumb faces heightened scrutiny in its home market. The exchange has postponed its initial public offering to after 2028, with management citing the need to strengthen accounting policies and internal controls following earlier regulatory sanctions.
In February, Bithumb experienced a significant operational error, mistakenly crediting customers with 620,000 Bitcoin instead of 620,000 won during a promotional event. The error briefly created more than $40 billion in notional balances and triggered sharp price swings on the platform. The exchange reported recovering 99.7% of the funds and is pursuing legal action to reclaim the remaining 7 BTC.
What the partnership means for market access
Bithumb’s partnership with SSI Digital leverages the securities firm’s established local presence. SSI Securities, one of Vietnam’s largest brokers, established SSI Digital Technology JSC in 2022 to drive its digital asset push. The collaboration will cover exchange technology, wallet and custody systems, security and risk management, regulatory support, and institutional business development.
No timeline has been given for a formal license application or final investment decision. Vietnam has not yet approved any fully licensed crypto exchange under the pilot program. Cointelegraph reached out to Bithumb for comment but had not received a response by publication.
Conclusion
Bithumb’s move into Vietnam reflects a broader trend of established exchanges seeking regulated entry points in high-adoption markets. The partnership with SSI Digital provides a local partner with regulatory familiarity and capital market expertise, but the outcome remains contingent on Vietnam’s licensing process and Bithumb’s ability to manage both domestic and foreign regulatory challenges.
FAQs
Q1: What is Vietnam’s crypto exchange pilot program?
Vietnam launched a five-year pilot in September 2025 to license domestic digital asset trading platforms. Operators must be Vietnamese entities with at least 10 trillion dong ($380 million) in charter capital, and foreign ownership is limited to 49%.
Q2: Why is Bithumb expanding into Vietnam?
Bithumb faces increased regulatory scrutiny and IPO delays in South Korea. Vietnam ranks fourth globally in crypto adoption, and the pilot program offers a potential regulated entry point into a fast-growing Southeast Asian market.
Q3: What happened with Bithumb’s Bitcoin payout error?
In February 2026, Bithumb mistakenly credited customers with 620,000 Bitcoin instead of 620,000 won during a promotion, briefly creating over $40 billion in notional balances. The exchange recovered 99.7% of the funds and is pursuing legal action for the remainder.
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