No, Binance operates in a legal gray zone in Vietnam. The State Bank of Vietnam (SBV) classifies cryptocurrency as an illegal means of payment, prohibiting its use in transactions. While Binance itself isn’t licensed, Vietnamese users access it via offshore platforms, risking penalties under Decree No. 88/2019/ND-CP.
Key Regulations for Binance in Vietnam
- Payment Ban: Decree No. 88/2019 explicitly bans cryptocurrencies as payment instruments, with violations punishable by fines up to 200 million VND (~$8,500).
- Licensing Void: Binance lacks approval from the SBV or Ministry of Finance, violating Vietnam’s 2023 Law on Anti-Money Laundering, which mandates crypto exchange registration.
- 2026 Compliance Deadline: The SBV’s 2024 draft circular requires all crypto-related entities to register by 2026 or face shutdowns, leaving Binance exposed to enforcement.
Local exchanges like VNDC and FPT Digital Currency have shuttered under regulatory pressure, signaling heightened scrutiny. Users trading on Binance risk account seizures or asset forfeiture under Vietnam’s 2015 Civil Code, which treats crypto as property without legal tender status.