Bithumb Expands Into Vietnam Through Partnership with SSI Securities Subsidiary

May 9, 2026

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.