Vietnam ranks 4th in global cryptocurrency trade

By Dat Nguyen August 4, 2023 | 04:45 pm PT

Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. Photo by Reuters/Dado Ruvic

Vietnam ranked fourth globally in cryptocurrency trade volume recorded by Binance in May, totaling $20.84 billion, according to internal documents from the company viewed by The Wall Street Journal.

China led at $90.08 billion and accounted for 20% of Binance’s total trade that month, followed by South Korea ($58.32 billion), and Turkey ($44.42 billion).

Binance is the largest cryptocurrency exchange in the world in terms of daily trading volume. It has been operating since 2017.

An earlier report by Nikkei Asia had said that from July 2021 to June 2022, Vietnam recorded $112.6 billion in cryptocurrency trade, second in Southeast Asia behind Thailand at $135.9 billion.

In 2022, for the second consecutive year, Vietnam ranked first in the Global Cryptocurrency Adoption Index released by Chainalysis, a blockchain market analysis company.