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 am wondering how the banks will get the job done since they are looking forward to accepting and safe keeping Bitcoin for their customers, it is not hidden that some banks hired crazy workers that will ruin your day when you needed help the most, some of them turned their banking job into their private business as if they own the banks, they will lay stupid command on you and you are to follow if you want to access your account, imagine someone telling you what to do after keeping your BTC in their hands.
There is never going to be an offer rendered to me as a bank user that will make me surrender my Bitcoin to the banks, not in this life time, those people are so weird and wicked, I am talking from experience, I had a uncle who was sick and we had to admit him in a hospital and I had some bills to clear, I got to the bank and explained everything to the cashier that it is an emergency, this crazy bitch told me to go back and queue at the back of almost 30 people, after waiting for an hour I smartly find the bank manager and told him everything, thank God he is a good man, he hasten the whole thing up for my uncles sake.
The command on my own money, the rules on my own money is why I can't stand the banks, maybe the experience is different in other countries but it is worse over here, I will never deposit my Bitcoin into my bank account.
