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If you’ve been keeping up with recent developments, you may be aware that Vietnam has permanently closed over 86 million bank accounts. With an estimated 200 million total bank accounts in the country, this means approximately 43% have been frozen or erased to “combat fraud and cybercrime.”
This significant wave of account closures follows stringent new regulations requiring biometric authentication from users, resulting in one of the most effective promotional campaigns for Bitcoin to date.
86 million bank accounts: Vietnam’s biometric transition
As reported by Vietnam News and the State Bank of Vietnam (SBV), commercial banks initiated the deletion of over 86 million bank accounts at the beginning of September 2025.
Officials indicate that the purge mainly affects accounts that have not been verified through biometrics or those flagged as inactive for an extended period. This initiative is promoted as a strategy to mitigate fraud, cybercrime, and money laundering.
Only 113 million of the country’s estimated 200 million accounts passed the verification process, leaving around 86 million categorized as inactive.
Biometric verification, including facial recognition, is now compulsory not just for account creation but also for selected online transactions. Foreign residents have been particularly impacted due to in-person verification requirements and limited options for remote compliance.
When banks freeze your funds
Vietnam’s sudden account closures are part of a larger trend. In recent years, governments and banks globally have suspended millions of customer accounts, citing reasons such as fraud, sanctions, or regulatory obligations.
In 2022, depositors at various rural banks in China discovered their funds were frozen unexpectedly, igniting public demonstrations and outrage when access to personal savings was blocked due to alleged fraud or mismanagement.
In the United States, both law enforcement and banks frequently freeze or seize assets during investigations, with civil asset forfeiture affecting individuals who have not been convicted of any crime.
Individuals in the UK face even greater challenges, as their accounts can be frozen via “Account Freezing Orders.” Anti-money laundering regulations also mean that ordinary customers can experience sudden account freezes or closures for minor compliance issues.
And let’s not forget the infamous Canadian truckers in 2022, where the government employed emergency powers to freeze both bank and crypto accounts linked to protestors and supporters, in some instances without a judicial hearing.
Protective measures or systemic vulnerabilities?
Authorities argue that these actions are essential for preventing money laundering and financial crime. However, critics—particularly from the cryptocurrency sector—highlight potential risks. Vietnam’s closure of 86 million bank accounts underscores the critical need for self-custody in banking.
With centralized systems, your assets remain contingent upon the approval of banks or the state. Shifts in regulations or political circumstances can lead to abrupt exclusions, errors, or misuse, often leaving customers with little recourse.
The increased reliance on digitization and biometric systems ties financial access to personal identity; while this enhances security, it can become a liability if systems fail or individuals fall afoul of regulations.
Unlike traditional bank accounts, Bitcoin can be owned and transacted without intermediaries, significantly complicating unauthorized freezes or seizures—an increasingly pressing issue in an era of shifting compliance landscapes and de-banking.
True financial sovereignty means having the independence to manage ones finances, free not only from hackers but also from overreaching (or well-meaning) governmental and institutional control.
