Bithumb signed an MOU with a subsidiary of SSI to build a cryptocurrency exchange in Vietnam — the fourth-largest cryptocurrency market globally in terms of adoption.
Bithumb , South Korea's leading cryptocurrency exchange, has announced a memorandum of Mnemonics with SSI Digital, a subsidiary of SSI, Vietnam's largest securities firm specializing in investments in blockchain and AI startups, to establish and operate a cryptocurrency exchange in Vietnam.
The agreement, signed in March but only revealed on Thursday, covers areas of collaboration including wallet and custody systems, security and risk management, regulatory compliance, and product development. Subject to approval from local regulators, Bithumb may XEM making a direct strategic investment in SSID's exchange project.
Vietnam has been a target market for both of South Korea's largest cryptocurrency exchanges recently, and it's not hard to understand why. With approximately 17 million people owning cryptocurrency assets, Chainalysis ranks Vietnam fourth in the 2025 Global Cryptocurrency Adoption Index, behind India, the US, and Pakistan. This blockchain analytics organization believes that cryptocurrency in Vietnam is becoming an everyday infrastructure for remittances, gaming, and savings, no longer purely speculative assets.
Upbit's direct competitor, Dunamu, the parent company of Upbit, went ahead by signing an MOU with Vietnam's Military Bank last August following a similar model: transferring technology and security infrastructure to a local partner.
Bithumb expands internationally while facing domestic pressure.
Bithumb ambitions in Vietnam come amidst significant pressure in the domestic market. The exchange has postponed its IPO plans to 2028, instead of its original target of the second half of 2025.
Earlier this year, a serious incident occurred when an employee mistakenly distributed 620,000 BTC to a client—a typical manual error known as a fat-finger error—raising criticism of glaring gaps in internal risk management. This incident not only damaged the exchange's reputation but also reinforced questions about its operational capabilities ahead of its public listing.
In this context, the Vietnamese market presents both a genuine growth opportunity and a crucial test for Bithumb's international expansion capabilities. Partnering with reputable local financial institutions, rather than operating independently, helps mitigate legal risks and Chia the burden of building user trust.
However, to effectively compete with Dunamu, which has already established itself, Bithumb will need to demonstrate that its internal issues have been resolved before the Vietnamese market truly has a clear legal framework for operation.
