Bithumb Partners With SSI Digital to Explore Vietnam Crypto Exchange

TLDR

• Bithumb signed an MOU with SSI Digital Technology for a Vietnam crypto exchange.
• SSID is linked to SSI Securities, one of Vietnam’s largest securities firms.
• Bithumb may invest in the exchange entity if Vietnamese regulators approve.
• Vietnam’s crypto exchange pilot requires at least 10 trillion dong in capital.
• Chainalysis ranked Vietnam fourth in its 2025 Global Crypto Adoption Index.

South Korean cryptocurrency exchange Bithumb has signed a memorandum of understanding with SSI Digital, known as SSID, to explore the creation and operation of a digital asset exchange in Vietnam.

The agreement was signed in March and announced on Thursday. It sets out cooperation between Bithumb and SSID on exchange technology, wallet systems, custody, security, risk management, compliance, product development and institutional services.

SSID is a subsidiary of SSI Securities, one of Vietnam’s largest securities firms. The company focuses on blockchain, artificial intelligence and digital finance ventures. Through the partnership, Bithumb plans to provide exchange operations experience and technical infrastructure, while SSID will contribute local market knowledge and business networks.

Bithumb said it may consider a strategic equity investment in an SSID-linked exchange venture. Any investment or exchange launch would depend on approval from Vietnamese authorities as the country develops formal rules for digital asset trading.

Bithumb Targets Regulated Vietnam Crypto Market

Bithumb said compliance with Vietnam’s financial rules would be a priority under the partnership. A company spokesperson said the exchange would work with SSID to build safe virtual asset trading infrastructure aligned with the country’s regulatory environment.

The planned cooperation comes as Vietnam moves to bring crypto trading under domestic supervision. In September 2025, the Vietnamese government approved a five-year pilot program for cryptocurrency exchanges.

The pilot framework places strict conditions on applicants. Exchange operators must be Vietnamese companies and are required to hold at least 10 trillion dong in paid-in charter capital. The rules also require governance standards, cybersecurity controls, staffing requirements and reliable trading infrastructure.

Several banks and securities firms in Vietnam have shown interest in the program. SSI, VIX, MBBank, Techcombank and VPBank have been linked to domestic crypto exchange plans as the government works to shift trading activity from offshore platforms to licensed local venues.

SSID Partnership Covers Custody and Security

The Bithumb-SSID agreement covers several core areas needed to operate a regulated crypto exchange. These include wallet development, custody infrastructure, trading systems, cybersecurity, internal controls and risk management.

Custody is expected to be an important part of the planned exchange because licensed platforms must protect customer assets and meet local security standards. Bithumb’s role may include transferring operational knowledge from South Korea’s exchange market, where platforms face strict compliance and reporting obligations.

SSID and SSI Securities bring access to Vietnam’s financial sector, including institutional relationships and knowledge of local regulatory requirements. That local role may help the proposed exchange meet pilot program conditions if regulators approve the project.

The partnership also includes business and product development. This may cover digital asset listings, institutional services and trading products designed for Vietnamese users, subject to future licensing rules.

Bithumb’s possible investment in the venture remains conditional. The companies have not announced the size of any planned investment or a launch date for the exchange.

Vietnam Draws Regional Exchange Operators

Vietnam is one of Asia’s most active cryptocurrency markets. Chainalysis ranked the country fourth in its 2025 Global Crypto Adoption Index, behind India, the United States and Pakistan.

Vietnam has about 17 million digital asset owners, according to figures cited in market reports. Chainalysis has also estimated that cryptocurrency transaction value in Vietnam reached $220 billion to $230 billion between July 2024 and June 2025, equal to more than $600 million per day on average.

The country’s crypto use has been linked to remittances, gaming, savings and trading. That activity has drawn interest from regional exchanges seeking regulated entry into the market.

Bithumb is not the only South Korean exchange group exploring Vietnam. Dunamu, operator of Upbit, signed an agreement last year with Vietnam’s Military Bank to support the creation of a local crypto exchange. That deal also focused on technology transfer, security systems and regulated market infrastructure.

Other international investors have also shown interest. OKX Ventures and HashKey Capital have backed CAEX, a VPBank-linked platform preparing for Vietnam’s exchange pilot.

Bithumb’s Vietnam move comes while the company manages business changes at home. The exchange has delayed its planned initial public offering to 2028 after previously targeting the second half of 2025.

The company also faced scrutiny earlier this year after a trading system error in which an employee mistakenly distributed 620,000 BTC to customers. The event brought attention to internal risk controls and exchange management practices.

Despite those challenges, Bithumb remains one of South Korea’s major crypto trading platforms. Its agreement with SSID shows continued interest in overseas expansion as Vietnam builds a domestic framework for licensed exchanges.

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