Vietnam's Deputy PM asks Binance to open headquarters in Danang

Vietnam's Standing Deputy Prime Minister Nguyen Hoa Binh on Wednesday asked Binance, the world’s leading digital asset trading platform, to establish a headquarters in the central city of Danang.

Meeting with Binance CEO Richard Teng during his official visit to the United Arab Emirates (UAE), Binh suggested Binance cooperate with Vietnam's International Financial Center to deploy a crypto asset exchange.

He also invited Richard Teng to serve as a senior advisor in the country's process of developing the center.

The Binance executive agreed to share experience and cooperate in the development of Vietnam’s crypto asset market and International Financial Center.

On this occasion, the Deputy PM witnessed the signing of an MoU on cooperation in developing blockchain technology and digital assets between Binance and the Danang city People’s Committee.

Binance is the world's largest cryptocurrency exchange by trading volume, processing over $16 billion in daily transactions and surpassing a cumulative trading volume of $100 trillion in 2024.

According to CoinMarketCap, Binance currently serves more than 280 million users globally and lists over 400 cryptocurrencies on its platform.

Vietnam is currently in the process of building an international financial center located in both Ho Chi Minh City and Danang. Danang is expected to implement a sandbox mechanism for several new financial models such as digital assets, cryptocurrencies, cryptocurrency payment and transfer solutions, and allow the establishment of new exchanges and trading platforms.

According to a Government resolution, Vietnam is piloting a digital asset market for five years. Enterprises that meet the required conditions in terms of capital and organizational structure will be granted licenses to provide exchange platform services.

Currently, several businesses such as Vietnam Thinh Vuong Tokenized Asset Exchange (CAEX), Techcom Crypto Exchange JSC (TCEX), and VIX Digital Asset Exchange JSC (VIXEX) are preparing to establish digital asset exchanges.

Additionally, banks like MB and VPBank, and securities firm Saigon Securities (SSI) have also expressed interest in entering this field.

In the UAE, Deputy PM Binh also met with leaders of Bybit, a company with over 2.5 million users in Vietnam (accounting for about 15% of the market) and the largest cryptocurrency exchange in the UAE.

Bybit’s CEO Ben Zhou said he welcomed Vietnam's policy of piloting digital assets and developing an international financial center. He confirmed Bybit's willingness to support the development of a legal framework, share international experience, and participate in training human resources for Vietnam.

The Deputy PM congratulated Bybit on its success, emphasized that developing a pilot legal framework for digital assets is a critical task, and called on the company to continue accompanying Vietnam throughout this process.