Vietnamese industrial banks started deleting greater than 86 million financial institution accounts at the beginning of September 2025, a transfer that has introduced renewed consideration to the worth of self-custody and bitcoin.
Vietnam’s mass account closures
In line with the State Financial institution of Vietnam, the purge focused accounts missing biometric verification or flagged as inactive, leaving 113 million of the nation’s estimated 200 million accounts lively.
The modifications stem from new laws requiring obligatory biometric checks—similar to face scans—for each account opening and sure on-line transactions.
International residents have reportedly confronted added difficulties, as in-person authentication is required and distant choices are restricted.
Worldwide precedent for sudden freezes
Vietnam’s transfer just isn’t remoted.
In 2022, some Chinese language rural banks froze depositor funds with out warning, whereas in the US, banks and legislation enforcement frequently freeze belongings throughout investigations.
Within the UK, “Account Freezing Orders” and anti-money-laundering guidelines can lead to sudden account closures for compliance causes.
A notable instance occurred in Canada in 2022, when authorities used emergency powers to freeze each financial institution and bitcoin accounts linked to protestors, typically with out judicial evaluate.
Dangers of centralized finance
Authorities argue these measures deter fraud and monetary crime, however critics say they expose the dangers of centralized management.