Vietnam bank account closures affected roughly 86 million dormant or non-compliant accounts after a facial biometric mandate; authorities verified another 113 million accounts. Bitcoin advocates say the closures highlight why self-custody of Bitcoin can protect access to funds from biometric mandates and capital controls.
86 million accounts closed
Remaining 113 million accounts verified under new biometric rules
Biometric checks apply to transfers over 10 million VND and combined transactions over 20 million VND
Vietnam bank account closures: 86 million accounts reportedly closed after a facial biometric mandate—learn what changed and how Bitcoin advocates respond. Read practical protection steps.
Vietnam is reportedly closing 86 million bank accounts. Crypto advocates see it as the latest reason everyone should hold Bitcoin.
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Reports indicate Vietnam began closing roughly 86 million bank accounts that failed to complete mandatory facial biometric authentication when the new rule took effect. Officials and affected customers say the measure aims to curb fraud but has left some account holders, particularly foreigners and holders of inactive accounts, unable to access funds without in-person verification.
What are Vietnam bank account closures and why were they implemented?
Vietnam bank account closures refer to the shutdown of accounts that did not meet a new facial biometric authentication mandate introduced by the State Bank of Vietnam. The measure is framed as an anti-fraud and anti–money laundering step after a rise in AI-powered spoofing, and authorities reported large-scale account verification and closures beginning Sept. 1.
How does the facial biometric authentication rule work?
The rule requires a first-time facial biometric check for account registration and a second verification for online transfers over 10 million VND (~$379). Combined transactions above 20 million VND (~$758) also trigger biometric re-authentication. Vietnamese police say the step followed arrests of an AI-enabled money laundering ring that allegedly moved about 1 trillion VND (~$39 million).
Response from Reddit user “stnlywlkr” Source: Reddit
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Firsthand reports from expatriates and social posts indicate some banks required in-person biometric updates with no remote alternative. A Reddit user identified as “Yukzor,” a former foreign contractor in Vietnam, said he was told to return to the country or face account closure.
Bitcoin advocates argue that state-imposed access controls, like biometric mandates or capital movement restrictions, can render bank-held funds inaccessible. Commentators such as Marty Bent and Daniel Batten, cited in industry commentary, say permissionless protocols like Bitcoin provide a hedge because private keys allow direct control of value without bank intermediaries or biometric gates.
At the same time, local industry sources and a crypto executive in Vietnam stressed the impact appears concentrated on inactive or foreign-held accounts rather than mass disruption of daily banking for most residents. Herbert Sim, chief marketing officer at AICEAN and known in some circles as the “Bitcoin Man,” noted that one-time passwords and phone‑bindings complicate remote compliance for non-residents.
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