Not your Key not your coin (86 million bank accounts shutdown)

[suzanne5223]

Vietnam’s recent decision to delete over 86 million bank accounts underscores growing concerns over centralized control of personal finances. As biometric verification becomes mandatory, critics argue that the sweeping closures expose the vulnerability of traditional banking.

The event has sparked renewed interest in decentralized alternatives such as Bitcoin, which operates independently of government or institutional oversight.

Vietnam Deletes Millions of Accounts Under New Biometric Rules
Vietnamese commercial banks began removing over 86 million bank accounts in early September 2025 after the State Bank of Vietnam (SBV) enforced new biometric requirements. Authorities say the policy targets accounts lacking face or fingerprint verification and aims to curb fraud, cybercrime, and money laundering.

The country has an estimated 200 million bank accounts. Following the nationwide review, approximately 113 million remained active. Accounts flagged as inactive or not updated with biometric data faced deletion, leaving many residents scrambling to meet compliance deadlines.

Foreign residents report particular challenges. In-person identity checks are mandatory, and remote options remain limited, creating hurdles for those outside Vietnam or unable to visit branches quickly. Critics argue the measures risk excluding vulnerable groups and may disrupt legitimate financial activity.

Global Context of Sudden Account Freezes
Vietnam’s sweeping action is not unique. Around the world, governments and financial institutions routinely freeze or seize funds, often without prior notice.

In China, rural bank customers in 2022 faced frozen deposits for months amid fraud investigations, prompting widespread protests. The US has long employed civil asset forfeiture, allowing law enforcement to seize assets even without a criminal conviction. In the UK, “Account Freezing Orders” empower authorities to block access when anti-money-laundering concerns arise.

This is another wake-up call for everyone reading this who is into Bitcoin but has yet to adopt the principle of not trusting third parties, which is one of the major purposes Satoshi created Bitcoin. Because you can't treat Bitcoin like a JPEG and never pay dearly sooner or later.
The primary reason for creating this topic is that 86 million bank accounts in Vietnam were shut down due to biometric discrepancies, but a similar issue is also occurring in the Bitcoin space, and some people are unaware of it.
I could remember years ago when CoinBase introduced a tough KYC procedure, and all the users of the exchange who cant comply with or execute the harsh KYC cant access their funds.

As Bitcoin is now mainstream, we need to prioritize the use of a self custodial wallet.                                                                                                                             

[Amphenomenon]

News will continue to be a wake up call for others to stop relying on Centralised platform for data and funds.

A sudden news from the government for a new policy in situations like this, can lead to state unrest expecially when many fails to get it done before deadline because of limited handstand more. Speaking of something that happened in a more recent years in Nigeria.

No new policy will make you lose the access or control of your coin on a non-custodial wallets.

[NotFuzzyWarm]

I could remember years ago when CoinBase introduced a tough KYC procedure, and all the users of the exchange who cant comply with or execute the harsh KYC cant access their funds.

Folks were notified several months in advance and could move their funds like I did if they wanted to. Even those who somehow missed the emails from Coinbase warning of the KYC changes could/can still access their coin after jumping through several hoops going through their verification process.

The same no doubt applies to the unverified Vietnamese bank accounts - funds in them has not been seized but rather locked until the owners can be verified. It may be a PITA but such is life in the modern world. Deal with it.

[CryptoYar]

That is massive deletion of 86 million bank accounts in Vietnam and that is huge warning that shows danger of relying on banks where government can simply cut off access to your money. This same risk exists when you leave your Bitcoin on centralized exchanges like Coinbase or Binance because they can freeze or seize your funds if you do not follow new rules just like bank. So basic solution is we must use self custodial wallets for Bitcoin which means you hold private keys yourself. This act of taking full control of your money is entire point of Bitcoin making it more important than ever to not trust any third party.

[headingnorth]

Something even crazier happened in the US when President Roosevelt signed the
executive order in 1933 to confiscate all the gold privately held by American citizens.

If it happened once it can happen again, and cash sitting in your bank account is even easier
for the government to confiscate than gold. Anything can happen in these crazy times.
With the massive debt crisis looming and the world (especially BRICS countries) dumping their
US bonds and treasury holdings at a record pace it appears an eminent collapse of the US dollar is on the horizon.

[pooya87]

It looks like this news is being exaggerated and it is not a "deletion" of people's bank accounts as the title of most news out there is suggesting these days. This started many months ago in a country with a 100 million population and over 200 million bank accounts (twice the population!). They simply deactivated bank accounts that were already unused and lacked verification. That's done to prevent crimes like money laundering.

This does not seem like a move that would push people into bitcoin's direction!

An example of such a move that pushes people in that direction is when Canadian authorities shut down protesters bank accounts 3-4 years ago just because they didn't want to be forced to be stabbed with a vaccine that we now know wasn't effective and had serious side effects.
https://bitcointalk.org/index.php?topic=5385954.0

[SilverCryptoBullet]

This is another wake-up call for everyone reading this who is into Bitcoin but has yet to adopt the principle of not trusting third parties, which is one of the major purposes Satoshi created Bitcoin. Because you can't treat Bitcoin like a JPEG and never pay dearly sooner or later.

I could remember years ago when CoinBase introduced a tough KYC procedure, and all the users of the exchange who cant comply with or execute the harsh KYC cant access their funds.

It's is not necesarily to wait for this news to know about risk of online, centralized platforms which are never safe places for storing your money in either fiat currencies or cryptocurrencies.

In many years, many warnings about that especially after each hack, bankruptcy of a big centralized exchange but most people ignored it, forgot about this risk after a while and return to CEX.
Events made you scare about custodial wallets, centralized exchanges.
Reminder: do not keep your money in online accounts
Not your keys, not your coins.
How the SEC nearly destroyed my retirement account
Recent events should make everyone withdraw all their coins to their own wallets: Part 1
Recent events should make you withdraw all your coins to your own wallet: Part 2
Recent events should make you withdraw all your coins to your own wallet: Part 3
Get your coins out of custodial wallets now: Part 4

This one is only a latest tipping on a very long warning list.

[Darker45]

This is why Bitcoin doesn't have to have a marketing department or an aggressive promotion. It only has to be present, to be an ever available alternative. As to its relevance, governments and banking policies will take care of it. It's happening all the time. Decisions, policies, regulations are often unfair, anti-people, anti-freedom, and so on.

Bitcoin doesn't have to look for users. It's people who will be looking for it. The banks and the governments are actually pushing them away from the traditional system and toward a system that represents freedom, ownership, control. They'll eventually find Bitcoin. The more they feel oppressed, the more the argument of Bitcoin sinks into their consciousness.

[adaseb]

I could remember years ago when CoinBase introduced a tough KYC procedure, and all the users of the exchange who cant comply with or execute the harsh KYC cant access their funds.

Folks were notified several months in advance and could move their funds like I did if they wanted to. Even those who somehow missed the emails from Coinbase warning of the KYC changes could/can still access their coin after jumping through several hoops going through their verification process.

The same no doubt applies to the unverified Vietnamese bank accounts - funds in them has not been seized but rather locked until the owners can be verified. It may be a PITA but such is life in the modern world. Deal with it.

I never used Coinbase so I never knew this and I am surprised they didnt deny access to funds.

Remember Poloniex, not the current one owned by Justin Sun but the original one. The exchange grew in popularity when it was shown on MSNBC teaching people to buy XRP on their exchange. Then they had to get tough with regulations and they basically locked peoples funds for years, there was no warning.

You couldnt get it out at all. I think all they let you do was trade. And it took maybe a year or so before people got their accounts approved and finally got to withdraw. Was a very difficult time for many users.

[Luzin]

This is ridiculous; if it was done deliberately, then it is a crime. I hope the large exchange does not do that. Because indeed our risk is that we will not be able to do much because we do not have the key. I remember when I was at Bittrex they required having a passport to withdraw my balance. However, that did not happen when I registered. So at that time, I lied to the immigration office by making a passport. I had to spend about $25 to meet the requirements at Bittrex. I still remember that Bittrex was going to cease operations. So we have to prepare in detail and fulfill the required KYC to avoid major issues. So it seems that storing some funds in a personal wallet instead of an exchange is a good solution. Or always move your funds to a personal wallet after trading.

[MinoRaiola]

I think i habe found a good picture for it, and it is very easy to understand. No one can stop it, and if we do it right, no one can take the coins away. You decide for yourself how much and when you want to use or send your coins. There are no limits like in some countries in Europe, and there are no extra fees or waiting times to receive your money. Bitcoin 24/7 and for everyone.


https://x.com/BitcoinThanos/status/1969351869873930531

[nemesis_incarnate]

I think i habe found a good picture for it, and it is very easy to understand. No one can stop it, and if we do it right, no one can take the coins away. You decide for yourself how much and when you want to use or send your coins. There are no limits like in some countries in Europe, and there are no extra fees or waiting times to receive your money. Bitcoin 24/7 and for everyone.


https://x.com/BitcoinThanos/status/1969351869873930531

Good one.

It would be even better if the person was BTC-filled - because with it, you are your own bank.

[Charles-Tim]

An example of such a move that pushes people in that direction is when Canadian authorities shut down protesters bank accounts 3-4 years ago just because they didn't want to be forced to be stabbed with a vaccine that we now know wasn't effective and had serious side effects.

I totally agree with this. I remember a time in my country that we protested against how Special Anti-Robbery Squad (SARS) were so corrupt to the extent that they focus also on the innocents while the online criminals (Yahoo boys) become their friends because of bribery. Innocents will not want to bribe them but they will make sure they collected money from them also. It will be done in a way that they innocents will have no option than to pay them money before they will release him. It even get to some celebrities that are not well known. People later protested that SARS must end. The government block the accounts of some people that their accounts were used for the funding but they move to bitcoin instead. This makes bitcoin also more popular in my country.

[HONDACD125]

I think i habe found a good picture for it, and it is very easy to understand. No one can stop it, and if we do it right, no one can take the coins away. You decide for yourself how much and when you want to use or send your coins. There are no limits like in some countries in Europe, and there are no extra fees or waiting times to receive your money. Bitcoin 24/7 and for everyone.


https://x.com/BitcoinThanos/status/1969351869873930531

I think that picture isn't relevant in this situation, and it doesn't demonstrate the situation being discussed in the OP, because the picture you posted basically shows that Bitcoin is available 24/7 while banks get closed and also aren't operational on weekends, but I basically don't understand why this comparison has to happen because just like Bitcoin, banking transactions are possible even when the banks are closed. Only because the bank is closed it doesn't mean you can't make transactions as long as you have internet banking or mobile banking options.

Talking about the issue being discussed in the OP, I think it has always been necessary for people to do some research before getting involved in Bitcoin and at least know the difference between custodial and non-custodial wallets so that they don't use centralized services for holding their balances even after joining a decentralized market. It doesn't make any sense to let a third-party manage your assets when you can literally do it yourself an stay out of any sort of threats or anything where you account could get blocked or frozen, and funds confiscated.

[EluguHcman]

Something very important to note is that... In the world of "we learns everyday' is that as we realizes our rights and introducing visions to self rights is the more governments reviews regulatory policies in prior for the authorities to always be in control.

Reasons for the authorities requesting biometric details of individuals in the banking sectors is to strengthen the vessels that holds individuals Rights captive where we can not independently prioritize self custodian as rights.
It is a hell NO to Centralized finance if Individual rights can only be limitedly emphasized but buried like below the feets of the governments where becomes enslaved.

Henceforth there had come to realize the existence, potentials and global influence of the decentlized financial system as Bitcoin and it unregulating Blockchain networks which modifies the concept of custodian and given users the rights absolute right to control their funds and keep privacies, governments would definitely want to force in through by conditioning users to provide more confidential informations that they can keep citizens always on track with their funds which breaks the right to Privacies.

[DanWalker]

I think i habe found a good picture for it, and it is very easy to understand. No one can stop it, and if we do it right, no one can take the coins away. You decide for yourself how much and when you want to use or send your coins. There are no limits like in some countries in Europe, and there are no extra fees or waiting times to receive your money. Bitcoin 24/7 and for everyone.


https://x.com/BitcoinThanos/status/1969351869873930531

Only bank branches are closed on weekends, while online banking is open 24/7. I think you understand that because you are also using banks for your daily life. You are even using it more than bitcoin because it is still the main means of payment.
Like everyday bills, or on the weekend when you take the kids out, do you pay with bank or Bitcoin?

In all fairness, banking is not perfect, it has its own drawbacks and risks. We should not put all our trust in them and let them hold most of our money, not only because we do not have full control over our assets, but also because inflation will erode their value. But there is no denying that we still need it in our lives.

[Ishicryptic]

Bitcoin became a game changer since it was created and it has given us a great alternative to hold our money where we have a total control over it. Anybody that wants privacy and freedom from government controlled traditional currencies should simply convert their money to Bitcoin and enjoy decentralized anonymity. Things like this should be a wake up call for everybody that is still solely depending on government centralized currency to hold their monies, the banks can at anytime freeze your funds. Not your keys not your coins this is the message of Bitcoin to everybody that is not yet taking advantage of it's value to us.

[ABCbits]

I could remember years ago when CoinBase introduced a tough KYC procedure, and all the users of the exchange who cant comply with or execute the harsh KYC cant access their funds.                                                                                                                       

Many exchange does that. In past, there are more exchange with no/optional KYC. But over time, they decide to enforce KYC due to various reason (e.g. regulation).

It looks like this news is being exaggerated and it is not a "deletion" of people's bank accounts as the title of most news out there is suggesting these days. This started many months ago in a country with a 100 million population and over 200 million bank accounts (twice the population!). They simply deactivated bank accounts that were already unused and lacked verification. That's done to prevent crimes like money laundering.

But is normal that 43% (86 million) of all bank account actually unused without sufficient identity verification? I have doubt all of 86 million bank account already unused.

[Ruttoshi]

Bitcoin became a game changer since it was created and it has given us a great alternative to hold our money where we have a total control over it. Anybody that wants privacy and freedom from government controlled traditional currencies should simply convert their money to Bitcoin and enjoy decentralized anonymity. Things like this should be a wake up call for everybody that is still solely depending on government centralized currency to hold their monies, the banks can at anytime freeze your funds. Not your keys not your coins this is the message of Bitcoin to everybody that is not yet taking advantage of it's value to us.

Only small funds should be kept in the bank or with a third-party so that, you don't regret on whatever new law that the third-party service is coming up with if you are not willing to accept it. Banks are eating up the value of our money by unnecessary debits. They will use your money for business without paying you any interest because they believe that it's their right.

Bitcoin saves you from all those extortion from the bank if only you keep your funds in a self custody wallet where only you have the private keys. The government can render you useless if you fail to comply with them by freezing your account. Stay save from the government having access to your funds by investing them into bitcoin.

[Lida93]

 Centralised financial system causes you unnecessary panics ontop your own hard earned funds which is what we don't experience with self custody of our funds under decentralisation. Basically, those that still relies on the traditional banking wouldn't understand what it means to enjoy privacy and control of your own funds not till they get to funding themselves in this position.

Just imagine right now that there's a life threatening emergency and the person's bank account has being blocked under this new policy and is yet to have access to pass the face and finger print KYC due to the crowd and daily king queues.