Bithumb Expands Into Vietnam Through Partnership with SSI Securities Subsidiary

Bithumb, South Korea's second-largest crypto exchange, signed a memorandum of understanding with SSID on March 2, 2026 to build and operate a digital asset exchange in Vietnam. SSID is a subsidiary of SSI Securities, Vietnam's largest securities firm. Vietnam recorded $220-$230 billion in crypto transaction volume between July 2024 and June 2025. The partnership follows Resolution No. 05, which launched a five-year pilot program for crypto trading in January 2026. Dunamu, Upbit's operator holding 80% of South Korea's crypto market, met with Vietnam's Prime Minister in July 2025.

Bithumb-SSID partnership

• ▪The Bithumb-SSID memorandum of understanding leaves open the possibility of Bithumb taking a strategic equity stake in an SSID-designated entity, depending on Vietnam's pending crypto regulatory framework
• ▪The Bithumb-SSID memorandum of understanding was signed on March 2, 2026 at SSI Securities' Hanoi branch
• ▪Bithumb signed a memorandum of understanding with SSI Digital Technology Joint Stock Company (SSID) to build and operate a local digital asset exchange in Vietnam
• ▪Nguyen Khac Hai is the CEO of SSID
• ▪Jae-won Lee is the CEO of Bithumb

Vietnam crypto market size

• ▪Vietnam's crypto transaction volume averaged over $600 million daily between July 2024 and June 2025
• ▪Vietnam's crypto transaction volume places Vietnam behind only India and South Korea in the Asia-Pacific region
• ▪Chainalysis estimated that the crypto transaction volume in Vietnam was $220 billion to $230 billion between July 2024 and June 2025
• ▪Roughly 21.2 million Vietnamese adults have used cryptocurrency, accounting for nearly 17% of the adult population

Vietnam regulatory framework

• ▪Vietnam passed Resolution No. 05, allowing a five-year pilot for crypto exchanges
• ▪Vietnam is launching a five-year pilot program for crypto asset trading under Resolution No. 05, which took effect in January 2026
• ▪Vietnam recognized digital assets as property in 2026 when it introduced its Law on Digital Technology Industry

Partnership operational scope

• ▪SSI Securities Corporation is widely regarded as the largest securities firm in Vietnam
• ▪The Bithumb-SSID memorandum of understanding covers technology architecture, wallet and custody systems, security and risk management, regulatory compliance support, and institutional business development
• ▪SSI Securities has a branch network covering major cities like Hanoi, Ho Chi Minh City, and Haiphong

Korean exchange competition

• ▪Dunamu holds roughly 80% of South Korea's crypto trading market
• ▪Dunamu manages over $80 billion in digital assets
• ▪Bithumb is South Korea's second-largest crypto exchange
• ▪Dunamu has been exploring local partnerships in Vietnam
• ▪Dunamu, the operator of Upbit, met with Vietnamese Prime Minister Pham Minh Chinh in July 2025