Bithumb Signs Vietnam Crypto Exchange Partnership With SSID

Bithumb said May 7 that it signed a memorandum of understanding with SSID, a subsidiary of Vietnam's SSI Securities, to cooperate on a virtual-asset exchange business.

The agreement was signed in Hanoi on March 2 and centers on cooperation in setting up a local exchange and developing and operating financial services. Bithumb Chief Executive Officer Lee Jae-won and SSID CEO Nguyen Khac Hai attended the signing ceremony. SSI Securities Chairman Nguyen Duy Hung later joined the event and reaffirmed the partnership.

The deal is intended to build a strategic partnership for establishing and operating a virtual-asset exchange in Vietnam. Subject to regulatory approval, the companies also plan to consider a possible equity investment in an entity designated by SSID.

The two sides will cooperate across the exchange business, including technology architecture, wallet and custody systems, security and risk management, regulatory compliance, business development and services for institutional clients.

Bithumb will support the buildout of infrastructure that complies with local regulations, drawing on its exchange-operating experience and security capabilities. SSI Securities and SSID plan to pursue the business using their networks in Vietnam's financial market.

SSI Securities, founded in 1999, is a Vietnamese securities firm with branches in major cities including Hanoi and Ho Chi Minh City.

A Bithumb official said the partnership with a local traditional financial company shows Bithumb's operating capabilities and transparency have won international recognition. The company will focus on building secure trading infrastructure in compliance with Vietnam's regulatory environment.