Vietnam Cracks Down on Unlicensed Crypto Platforms with Fines of Up to $1900

In Vietnam, retail crypto users trading on unlicensed overseas platforms like Binance and OKX could face fines of up to $1900. The country's Finance Ministry has yet to issue any exchange licenses for its regulated digital asset market, which is set to launch on September 1.

Five exchanges have been approved in principle. However, domestic investors who trade crypto designated exclusively for foreign investors can be fined up to $3800.

Crypto companies providing or advertising services without a license, those who fail to properly identify customers, or unlawfully deal with crypto account data, can be fined up to $7600.