Vietnam shuts 86 million bank accounts amid biometric rules
An unprecedented event that has resonated across the global financial community is Vietnam’s closure of more than 86 million bank accounts under sweeping new regulations aimed at combating fraud and cybercrime.
The move, launched in September 2025, follows the introduction of strict new rules requiring biometric authentication for financial transactions and account management.
The accounts shut down represent about 43% of Vietnam’s estimated 200 million bank accounts, marking a radical shift toward a more regulated and centralized financial system.
Only 113 million out of 200 million accounts remain
According to statements from the State Bank of Vietnam (SBV) and reports by Vietnam News, commercial banks began mass deletions of inactive accounts or those failing biometric verification. Out of 200 million accounts, only 113 million survived the purge.
As SpazioCrypto reports, the new rules make biometric checks—including facial scans—mandatory for opening new accounts and for certain online transactions. This has disproportionately affected foreign residents, who face obstacles such as mandatory in-person verification with few remote alternatives available.
Although Vietnam’s actions may appear unique, they are part of a growing global trend in which governments and banks restrict or freeze client funds. In 2022, Chinese depositors saw their savings frozen without warning, sparking public protests.
In the US, civil asset forfeiture laws allow authorities to seize funds from individuals not yet convicted of crimes. In the UK, anti–money laundering laws have led to sudden freezes or closures of accounts for compliance breaches. And Canada’s notorious 2022 trucker protests resulted in the freezing of bank and crypto accounts of demonstrators and their supporters, sometimes without court orders.
Authorities argue that such measures are vital to preventing money laundering and financial crime. However, critics—especially within the cryptocurrency community—see these events as a stark reminder of the risks inherent in centralized financial systems.
As we wrote, Vietnam journey toward crypto trading legalization
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