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- Bithumb targets Vietnam expansion through strategic crypto exchange partnership with SSI
- Vietnam crypto adoption surge attracts Bithumb amid growing regional exchange competition
- Bithumb strengthens Southeast Asia ambitions despite operational setbacks and delayed public listing
The Korean crypto exchange industry extended its operations to Southeast Asia by announcing a strategic partnership with Bithumb, which aims to target Vietnam’s rapidly expanding digital asset market. The company has inked a memorandum of understanding with SSI Digital, which is one of the subsidiaries of Vietnam’s largest securities firm SSI, as both companies plan to launch a local crypto trading platform.
The deal, known as an MoU signed this year and released publicly on Thursday, focuses on the introduction of digital asset trading services specifically for Vietnamese users. In addition to exchange development, the collaboration includes wallet infrastructure, custody systems, security operations, risk management procedures, and compliance with local regulations.
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Vietnam has been a prime destination for the big crypto companies as digital asset adoption is one of the highest in the world. India, the United States and Pakistan placed first, second and third respectively in the list, trailing the country, which was in the fourth position in the 2025 Global Crypto Adoption Index, according to Chainalysis. In Vietnam, it is estimated that there are approximately 17 million users of cryptocurrencies.
Furthermore, the use of cryptocurrencies in Vietnam has grown not only as a trading medium, but also in other applications. Digital assets are becoming a growing part of many residents’ lives, with many making use of them for remittance, gaming ecosystems, and other alternative savings options related to blockchain-based finance. As a result, now the country is regarded as a long-term market for expansion instead of being a short-term trading market.
Bithumb Focuses on Compliance and Infrastructure
As per the partnership, both Bithumb and SSI Digital plan to focus on regulatory compliance before operating exchanges. Financial regulations will continue to play a key role in the expansion process, the companies said, adding that financial law from Vietnam’s authorities will be at the core of the expansion process. In addition, Bithumb announced it would be able to make a strategic investment in the future of the exchange project, if it is approved by regulators. This prospect reflects Bithumb’s overall goal of enhancing its market presence in the regional area apart from South Korea.
Both companies will strive to build a safe and stable virtual asset trading platform in accordance with Vietnam’s regulations, a company spokesperson noted. The partnership will not only be operational systems, but will also be product development strategies tailored to Vietnamese users. The move also comes amid similar expansion plans by rival Korean exchanges. Last year, the operator of Upbit, Dunamu, inked a similar contract with Military Bank of Vietnam on the technologies of cryptocurrency exchange and the support of the security infrastructure.
Expansion comes during times of internal turmoil.
Bithumb’s Vietnam move came at a time when the exchange was being put under a microscope. Earlier this year, during an extraordinary incident in which a company employee sent 620,000 Bitcoin to its customers by mistake, the company’s risk management procedures had raised concerns.
At the same time, the exchange has postponed its planned initial public offering to 2028, from its earlier target of 2025. Nevertheless, amid the challenges, Bithumb is still striving to expand its business globally in Asia, while regional crypto exchanges are competing with each other.
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