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

[bangjoe]

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.                                                                                                                             

That's the problem with third parties, they are arbitrary and we have to follow their rules, otherwise our money will be lost there, it's really annoying. What is safe in this world if we can store it ourselves properly? Our wealth must be stored without third parties.

Bitcoin is the best wealth storage revolution, where we can store it very safely. However, the risk is also borne by ourselves because the seed phrase must be kept safe for the security of the Bitcoin we own. If not, it's like lying to yourself, instead of wanting to protect the wealth or money we have.

[tread93]

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.                                                                                                                             

Yes all the more reason to own bitcoin and own it well. You dont want to fall victim to crap like this, its inhumane and just plain wrong to be doing this type of thing to your own people and making scamble to meet some BS deadline. I would be so pissed. This is just too bad

[X-ray]

How much percentage are those accounts that actually belong to honest, hardworking citizen.

This is why bitcoin and its decentralized nature always comes on top. It's truly your money not some random digital number represented in screen where the actual owner is the bank.

I also think that fingerprint verification is too much, knowing the fact that it could be misused. That sounds like dystopian scenario.

[suzanne5223]

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.

Do you know the number of people that never get the KYC warning?
I am one of the victim of the CoinBase harsh KYC then and I could tell you that I never receive any notification from them and to get back my BTC I went through alot of stress and also the chance of selling my coins during the bullrun season.
I am sure alot of people that experienced the harsh KYC implemented by Coinbase then will never say people are able to get their crypto by jumping through several hoops of private information provision which is invade of privacy.

[9ja Amaka]

They may never stop coming after us, because they don't want us to have the freedom in finance and if possible with the while general economy, so that they can control how we manage ourselves, while they earn from us and the economy keep getting ruined by the incidence of inflation, leaving them unaffected, the best way out of these is through the use of non custodial wallets, taking p2p as serious as ever before through a decentralized exchange.

From what I understand, when they cant get as much as they expected, it becomes a huge problem. Every government benefiting from the taxes they get from crypto people, satisfaction and greed becomes the order of the day. The thirst for more increases.

Unfortunately, they are also affecting the traditional system because the more they try to stop us, the more people see reasons to join. The fight have started for  years now, until this day the government has not won.

[retreat]

The same thing happens in my country, where unused or dormant bank accounts are immediately frozen by the financial services authority. The authorities do this to protect these dormant accounts from money laundering through illegal gambling or other criminal activities. However, the problem is that when this happens, many active accounts become targets, such as a family whose father's medical bills were suspended for weeks because they were blocked, disrupting his treatment.

This is why the direct ownership offered by Bitcoin is so important, as it allows individuals to fully control their assets without fear of a third party suddenly freezing or restricting access to their assets.

[Dr.Bitcoin_Strange]

Great advice, although not everyone will still take it, I see some people debating about going to store their Bitcoin in the bank and it's funny to me how some people can just be easily deceived over any small tempting offer that the bank will give them to lead them into storing their coins with them. This is indeed a wake up call, for people who are thinking like this, cuz I don't understand why Bitcoin would be created so that we can have freedom of handling thing by our self and then someone still wants to make situation difficult for their self meanwhile the Bitcoin technology is not even sophisticated, you can easily buy and hold your Bitcoin by yourself, spend at any point in time that you feel like it.

[Zoomic]

Many people are yet to understand what Satoshi did for us all. Only a few understand and appreciate this freedom. We might not know what we are enjoying until reality hits us.
A few years ago, my country did enforce a compulsory cashless policy which make cash very scarce. People died in the banks while trying to withdraw their money.
Some people's loved ones died in the hospital while trying to withdraw their money.

My own experience was with binance, where I was restricted from withdrawing because of expired ID card and I had an urgent need for money. That was the day I understood that there's nothing better than bitcoin and freedom

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

Sometimes they are open but they still cannot help you. That is how bad it has been. But nowadays, almost everyone is going centralized even the bitcoin itself is more in the hands of the centralized entities.

[Ever-young]

Great advice, although not everyone will still take it, I see some people debating about going to store their Bitcoin in the bank and it's funny to me how some people can just be easily deceived over any small tempting offer that the bank will give them to lead them into storing their coins with them. This is indeed a wake up call, for people who are thinking like this, cuz I don't understand why Bitcoin would be created so that we can have freedom of handling thing by our self and then someone still wants to make situation difficult for their self meanwhile the Bitcoin technology is not even sophisticated, you can easily buy and hold your Bitcoin by yourself, spend at any point in time that you feel like it.

One of the core principles of Bitcoin is self sovereignty, which means that you are actually your own bank. When you Trust, your bitcoin in the hands of a third party, it automatically means that you are literally going back. Same particular system that bitcoin was built to eliminate. You know it’s actually so funny right now that some people feel like the safest way to store. Their bitcoin is by handing it over to our bank when the technology itself has already given you the ability and the power to safely stole your bitcoin without the help of any middleman or third-party.

[Muba20]

The main difference between using traditional banking systems and Bitcoin is financial freedom. When we deposit money in the bank, we keep the money basically under the control of the bank. If the bank is damaged for some reason, my own assets will also be damaged. But when we use Bitcoin, we will find financial freedom. But those who deposit that Bitcoin with any third party will not find financial freedom, but like the bank, they will have to depend on that third party. If this is the case, then no one can become financially independent by using Bitcoin. A Bitcoin investor or holder is independent only when he keeps his Bitcoin under his control. He will take responsibility for the security of the money by keeping it in his own wallet.

[Hamza2424]

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.                             

That is a lot of people in Vietnam, because according to Google they have around 101 million population and they blocked accounts of 86 million. That is almost 80 to 90% of the total population. Of course there will be minors and many people who can't even create accounts, so this clearly shows that something fishy was happening there and that's why they made such a big move.

The same thing can easily happen with centralized exchanges too. Because when we deposit on their wallets, we are actually giving away the control of our funds to them. If they feel like nah, we must double check this guy as something looks fishy when funds are being moved here and there, they can seize them eventually and we can't do anything about it haha.

That is why we must always hold our assets on decentralized, non-custodial wallets.

[Rockstarguy]

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.

This just is the centralized system and that is how it works. But at this point, there is nothing people can do about it; you just have to follow the system and comply with it at this point because you can't totally depend on Bitcoin. This shouldn't be a surprise about the centralized system because situations like this can always occur.

This is why having your own money in Bitcoin is the best because you have control over it. People who have all their money in the bank will be the ones to worry about this because they are not in control of their own money.

[Dunamisx]

They may never stop coming after us, because they don't want us to have the freedom in finance and if possible with the while general economy, so that they can control how we manage ourselves, while they earn from us and the economy keep getting ruined by the incidence of inflation, leaving them unaffected, the best way out of these is through the use of non custodial wallets, taking p2p as serious as ever before through a decentralized exchange.

From what I understand, when they cant get as much as they expected, it becomes a huge problem. Every government benefiting from the taxes they get from crypto people, satisfaction and greed becomes the order of the day. The thirst for more increases.

Unfortunately, they are also affecting the traditional system because the more they try to stop us, the more people see reasons to join. The fight have started for  years now, until this day the government has not won.

You made a point, if they think they have the power to close on any user account, then the people also have their own right in speaking up and fight for their rights, we are in a more civilized world, whereby things cannot be done at the detriment of the people without them speaking out, gone are the days the people have been holding their silence, if they continue to bank the use of bank accounts, then the people will always finds an alternative and every reason to ensure the use of bitcoin for their daily use, they will think they are stopping us, not knowing that they are pushing us to more use of bitcoin in every day life.

[Floxynice]

The main difference between using traditional banking systems and Bitcoin is financial freedom. When we deposit money in the bank, we keep the money basically under the control of the bank. If the bank is damaged for some reason, my own assets will also be damaged. But when we use Bitcoin, we will find financial freedom. But those who deposit that Bitcoin with any third party will not find financial freedom, but like the bank, they will have to depend on that third party. If this is the case, then no one can become financially independent by using Bitcoin. A Bitcoin investor or holder is independent only when he keeps his Bitcoin under his control. He will take responsibility for the security of the money by keeping it in his own wallet.

Bitcoiners often contradict themselves with their actions; always doing the opposite of what they believe they stand for. We talk about freedom, but a good percentage of bitcoiners use custodial wallets. Where then is the freedom when a third party can shut them out at any point in time? When they rely on third parties by using custodial wallets, it defeats the purpose of freedom/decentralization and reintroduces them to thesame error they are running away from in the traditional banking system.

[philipma1957]

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.

Do you know the number of people that never get the KYC warning?
I am one of the victim of the CoinBase harsh KYC then and I could tell you that I never receive any notification from them and to get back my BTC I went through alot of stress and also the chance of selling my coins during the bullrun season.
I am sure alot of people that experienced the harsh KYC implemented by Coinbase then will never say people are able to get their crypto by jumping through several hoops of private information provision which is invade of privacy.

Coinbase will not let me use the platform anymore.

And my KYC sent to them is perfect.

No one in the world has my exact name but me.

My SOCIAL Security Number is unique

My Passport is up to date.

I can show tax returns for 30 years

I can show bank accounts for 30 years.

I can show far more income than the money I keep at Coinbase.


Yet they never fixed the issues and just say I am under review.

They rejected all the KYC I sent

I have been with them for over 10 years never had issues and I need to keep the account alive for tax records.

[tread93]

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.                                                                                                                             

I couldnt agree more, the people of Vietnam are falling victim to the IMF and WRO agenda to have full control and eventually establish some sort of world government and currency. The elite organizations that are power crazy will use these measures and push them into other countries as well. Thank God we have bitcoin.

[Danica22]

That is a lot of people in Vietnam, because according to Google they have around 101 million population and they blocked accounts of 86 million. That is almost 80 to 90% of the total population. Of course there will be minors and many people who can't even create accounts, so this clearly shows that something fishy was happening there and that's why they made such a big move.

According to GG, Vietnam has about 50 different large and small banks and by law, each individual can create and own many accounts at many different banks. That also means that those 86 million accounts don't necessarily belong to 86 million people.

The same thing can easily happen with centralized exchanges too. Because when we deposit on their wallets, we are actually giving away the control of our funds to them. If they feel like nah, we must double check this guy as something looks fishy when funds are being moved here and there, they can seize them eventually and we can't do anything about it haha.

Although exchanges and banks are both centralized institutions, they are not the same. Banks are much more reputable and trustworthy than any other centralized financial institution. They will not randomly freeze or delete your account without reason and without prior notice.
I bet that before the Vietnamese banks deleted those 86 million accounts, they also notified and gave people a deadline to withdraw their money or comply with the regulations if they wanted to continue using it.

That is why we must always hold our assets on decentralized, non-custodial wallets.

Theoretically yes, but I'm really curious how many bitcoin investors actually use non-custodial wallets to store their bitcoins. 

[yhiaali3]

AFAIK, in such cases where accounts are frozen, warning notices are sent to the affected users to complete their details or transfer their accounts.
I encountered a similar situation on Binance and OKX exchanges, where I was notified that I needed to complete KYC verification. I was given a month to withdraw my assets before my account was blocked.

Of course, the significant disadvantages of storing assets in banks or centralized exchanges are obvious, as you could be blocked or have your assets frozen at any moment.
The best option is to keep your assets in a non-custodial wallet.

[mirakal]

Exchanges are not storage wallets in the first place. And I don't understand why people are neglecting this. Instead of having a controlled wallet, they continue to use exchange wallets. I wonder why people have learned about the Coinbase incident and many others with the same cases as OP had mentioned, or they simply ignore them.

Until now, we still have holders complaining about the loss of their BTC, which, in fact, they already know how to safeguard. Or they keep themselves innocent despite knowing the possibility.

[mindrust]

Similar stuff is happening in my country too. Every day many people report that their bank account was closed by the bank without a valid reason. I read their cases and I see that some of them were sending money to the legit crypto exchanges and maybe that was the reason of their account closure. Only one bank does that it seems but it is still annoying and the bank doesn’t even state the reason of their decision. Don’t forget that that the crypto exchanges people were sending money are operating on legal grounds but somehow this bank couldn’t tolerate that and started deleting accounts left and right. If this movement spreads, people will be using btc not because they like btc, it is because they can’t trust banks anymore.