Bithumb Signs MoU With SSID to Build Vietnam Virtual Asset Exchange

South Korean cryptocurrency exchange Bithumb announced on May 7 that it signed an MoU with SSID to cooperate on a local virtual asset exchange business in Vietnam.

“South Korean crypto exchange Bithumb has signed a wide-ranging partnership with SSID, a subsidiary of Vietnam’s largest securities firm, SSI Securities”

BanklessTimes

The MoU aims to establish a strategic partnership for the development and operation of a virtual asset exchange in Vietnam, with collaboration spanning technology architecture and development, wallet and custody systems, security and risk management, regulatory compliance, and knowledge transfer.

BanklessTimes

Bithumb said it is also considering the possibility of making a strategic equity investment in SSID's designated entity, subject to regulatory approval for virtual asset activities in Vietnam.

In parallel, the Vietnam Investment Review reported that Dunamu, operator of South Korea’s largest cryptocurrency exchange Upbit, has signed an MoU with Military Bank to launch Vietnam’s first domestic digital asset exchange.

Multiple outlets framed the Bithumb-SSID deal around Vietnam’s regulatory environment rather than immediate market entry, with Bithumb emphasizing compliance in its public messaging.

The Vietnam Investment Review quoted a Bithumb representative saying, “We will prioritise full compliance with Vietnamese regulations and work together to build a safe virtual asset trading infrastructure.”

CoinCentral

Cointelegraph described Vietnam’s licensing push as a “crypto license race,” noting that Vietnam’s five-year crypto asset pilot requires exchange operators to be Vietnamese entities with at least 10 trillion dong in charter capital and caps foreign ownership at 49%.

Cointelegraph also reported that a Finance Ministry document cited by Reuters in March said five firms, including affiliates of private banks Techcombank, VPBank and LPBank, along with broker VIX Securities and conglomerate Sun Group, had already cleared an initial qualification round.

The same Cointelegraph report added that no timeline was given for a formal license application or final investment decision, and that Vietnam had not yet approved any fully licensed crypto exchange under the pilot.

The partnership involves SSID, described as linked to SSI Securities, and Bithumb, which said it would contribute exchange operation experience and cybersecurity capabilities to build a stable trading infrastructure aligned with Vietnam’s regulatory environment.

“Bithumb and Vietnam's SSID Collaborate”

Cointelegraph

The Korea Herald reported that the agreement to jointly develop a local virtual asset exchange was signed March 2 at SSI's Hanoi branch and was attended by Bithumb CEO Lee Jae-won, SSID CEO Nguyen Khac Hai, and SSI Securities Chairman Nguyen Duy Hung.

The Korea Herald also said Bithumb would weigh a strategic equity stake in SSID's designated entity pending Vietnamese regulatory approval, while SSI and SSID would leverage local market knowledge and an established financial network.

Cointelegraph connected the Vietnam expansion to heightened scrutiny at home, saying Bithumb has pushed back its initial public offering (IPO) to sometime after 2028 and that in February it mistakenly credited customers with 620,000 Bitcoin instead of 620,000 won during a promotional event.

Cointelegraph added that the firm says it recovered 99.7% of the funds and is pursuing legal action to reclaim the remaining 7 BTC, underscoring the compliance and risk-management stakes for any overseas push.