Vietnam urges world’s largest crypto exchange Binance to set up Da Nang office

At a meeting in the United Arab Emirates Wednesday with the exchange’s CEO, Richard Teng, he also invited him to act as senior advisor for establishing an international financial center in Vietnam.

Teng agreed to help develop Vietnam’s crypto asset market and financial center.

Deputy Prime Minister Nguyen Hoa Binh (R) meets with Binance CEO Richard Teng in the United Arab Emirates on Sep. 24, 2025. Photo by VGP

On the same day Binance and the Da Nang People’s Committee signed a memorandum of understanding for developing blockchain technologies and digital assets.

Vietnam is in the process of creating a financial hub that straddles both Da Nang and HCMC.

Da Nang is set to pilot a sandbox for new financial models such as digital assets and cryptocurrencies, and permit the launch of new trading platforms.

The government recently gave the green light for businesses to set up a digital asset market. Some companies like VPBank, Techcombank, MB, and SSI Securities Corporation have already expressed interest in operating digital asset exchanges.

Binh also met with leaders of Bybit, the largest crypto exchange in the UAE, which has 2.5 million users in Vietnam.

Bybit CEO Ben Zhou welcomed Vietnam’s plans to trial digital assets and build an international financial hub, and expressed readiness to help create a legal framework and train personnel and share the exchange’s international experience with it.