If you follow the latest news from 1984, you will see that Vietnam has permanently closed more than 86 million bank accounts. For countries with an estimated 200 million bank accounts, that's because around 43% are frozen or deleted to “prevent fraud and cybercrime.”
Account closures follow new regulations requiring users to biometric authentication, offering Bitcoin one of the best free promotional campaigns to date.
86 million bank accounts: Vietnam's biometric turn
According to Vietnam's news and statement, the Commercial Bank began deleting more than 86 million bank accounts in early September 2025, according to Vietnam's provincial Bank (SBV).
Officials have stated purge target accounts that have not been validated with biometrics or have not been flagged as long inactive. The move will be billed as a measure to prevent fraud, cybercrime and money laundering.
An estimated 200 million accounts confirmed that approximately 86 million bank accounts are considered inactive.
Biometric checks, including face scans, are essential for specific online transactions, not just for account registration. Expatriates have been hit hardest due to their in-person requirements and limited paths for remote compliance.
When a bank freezes accounts
The closure of Vietnam's overnight accounts is not an isolated event. In recent years, governments and banks around the world have frozen the funds of millions of clients, citing fraud, sanctions, or regulatory obligations.
In 2022, depositors at several rural banks in China found that funds were frozen without warning and caused public protests and rage when the withdrawal of human life savings was blocked due to suspected fraud and mismanagement.
In the United States, law enforcement agencies and banks regularly freeze or seize funds during investigations, affecting citizens who have not been convicted of a crime.
UK individuals are even worse, allowing them to freeze their accounts through a “account freeze order.” Also, the anti-money laundering law means that even ordinary customers will face sudden freezes or closures due to compliance abnormalities.
And who could have forgotten the infamous Canadian truck driver in 2022? The government used emergency powers to freeze both bank and crypto accounts linked to protesters and supporters, in some cases without a judicial process.
Protective measures or systematic risks?
Authorities say these measures will prevent money laundering and financial crimes. However, critics (particularly the crypto community) point to risk. Vietnam's freeze of 86 million bank accounts highlights the importance of being your own bank.
A centralized system means that funds exist under a bank or state permit. Regulation and political winds can lead to sudden exclusions, errors, and even abuse, and sometimes limited customer replies.
Increased digitization and biometric controls will lead to financial access to identity. A blessing to security, but a curse when the system fails or someone violates the policy.
Unlike bank accounts, Bitcoin can be held and traded without an intermediary, making any freezing or seizures much more intense. What is increasingly relevant in the world of changing compliance standards and decovering.
True sovereignty means economic independence from not only hackers but also the most intentional (or overwhelming) governments and institutions.
