Vietnam Banks Close 86 Million And Thailand Banks Close 3 Million Customer Accounts

Thailand’s Citizens Are Waking Up To Frozen Bank Accounts: Bitcoin Anyone? Vietnam Banks Close 86 Million And Thailand Banks Close 3 Million Customer Accounts

Thailand froze three million bank accounts in an anti-scam crackdown, ensnaring users and prompting debate over whether Bitcoin offers a safer alternative.

Innocent people and businesses have reportedly been caught in the crossfire as Thai banks froze millions of accounts suspected to be “mules” for scammers over the weekend.

The nationwide crackdown began in August, and weekend reports suggest that banks have frozen three million accounts and imposed daily transfer limits on all bank customers in the Kingdom, according to reports.

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However, the Cyber Crime Investigation Bureau (CCIB) reported on Sunday that bank accounts of innocent online vendors and merchants are being frozen too after scammers adopted new methods to launder stolen money, according to the Bangkok Post.

Meanwhile, the Bank of Thailand warned that more people could face freezes as authorities widen the dragnet and investigate mule accounts.

“We urge the public not to panic. The suspension is only temporary and will be lifted once checks confirm no wrongdoing,” said Digital Economy and Society Ministry secretary Wisit Wisitsora-at on Monday, adding that commercial banks may suspend suspect funds for up to three days, while the police may extend the suspension to seven days.

Chinese-affiliated call centers, often based in neighboring countries, have targeted Thailand this year with online scams, luring victims with social engineering attacks.

Earlier this month, the Thai Police launched a full-time joint operation with Japan and India, as part of ongoing efforts to dismantle call center syndicates.

Foreigners Targeted

Expatriates residing in the country have taken to social media and online forums in droves to complain about being debanked or locked out of banking services in the country recently.

Several have seen their accounts at specific banks arbitrarily frozen or restricted for weeks with no explanation.

Resident foreigners now have to register their biometrics at their local bank in person and follow strict Know Your Customer procedures to make larger transactions with the mobile apps.

Bitcoin Could Be The Answer

“Thank you, BoT, for the free Bitcoin marketing,” said crypto and technology investor Daniel Batten in response to the news.

“This should be an international story. Thank god for Bitcoin,” said Jimmy Kostro from the Thailand Bitcoin Learning Center.

However, affected Thai residents could have trouble under the current laws. While Bitcoin and crypto trading remain popular in Thailand, the central bank has outlawed the use of digital currencies for payments.

Thai Central Bank In Talks For Workaround

The limits of 50,000 baht ($1,570) were imposed in August by all banks nationwide in response to a wave of call center fraud with scammers using mule accounts to launder money.

Some merchants have temporarily stopped accepting QR payments while account holders are reportedly withdrawing funds over fear of potential freezes.

Amid growing public concern, the Thai central bank has held discussions with the CCIB on a workaround for the account freezing process and transfer limits for law-abiding account holders.

Updated: 9-21-2025

Vietnam Banks Close 86 Million And Thailand Banks Close 3 Million Customer Accounts

Banking Purge: Vietnam freezes 86 million accounts for noncompliance with new biometric requirements.

Vietnam is freezing or deleting 86 million bank accounts (nearly half of all accounts nationwide) for failing to comply with mandatory facial biometric scans, citing AI-driven fraud and money laundering as justification.

Transactions over 10 million dong ($379) now require facial verification, disproportionately impacting foreign residents and inactive account holders, with reports of people forced to fly back to Vietnam to avoid account termination.

Privacy advocates warn this sets a dangerous precedent for government financial control, with biometric data being irreplaceable if hacked, enabling permanent identity theft risks and potential misuse for surveillance and exclusion.

Similar to Cyprus’ 2013 bail-ins and Nigeria’s crypto bans, Vietnam’s move reflects a global trend of governments weaponizing banking access to enforce compliance, with experts predicting more countries will follow.

Proponents argue this crackdown highlights the need for censorship-resistant money like Bitcoin, where users retain full control without reliance on banks or biometric mandates.

In a sweeping move that has alarmed privacy advocates and Bitcoin proponents alike, Vietnam has begun closing 86 million bank accounts that failed to comply with strict new facial biometric authentication mandates.

The State Bank of Vietnam (SBV) first announced the purge in July, with the closures taking effect this month.

It cited rising fraud powered by artificial intelligence (AI) and money laundering as justification for the unprecedented financial lockdown.

Under the SBV’s rules, facial scans are required for account verification and transactions exceeding 10 million Vietnamese dong ($379).

This has left millions of citizens and expatriates scrambling to reclaim access to their own funds, though foreign residents and inactive account holders appear to be disproportionately impacted.

The move has left nearly half of the country’s 200 million accounts now frozen or slated for deletion.

Given this, critics warn this marks a dangerous escalation in government financial surveillance – one that could foreshadow similar crackdowns worldwide.

One Reddit user, a former contractor identified as “Yukzor,” described being forced to fly back to Vietnam to prevent HSBC from shuttering his account.

He called the requirement “crazy” in an era where digital solutions should suffice.

“They said they will close my account this month if I don’t fly in and update the biometrics,” Yukzor lamented, highlighting the draconian reality of centralized financial control.

Bitcoin commentator Marty Bent echoed the sentiment, bluntly stating: “This is why we Bitcoin.”

How Hanoi Is Accelerating Financial Surveillance

Historical precedent suggests Vietnam’s actions are far from isolated. From Cyprus’ 2013 bail-ins to Nigeria’s abrupt cryptocurrency bans, governments have repeatedly weaponized banking access to enforce compliance.

Bent noted it would be “naive to think Vietnam will be the last” – pointing to Lebanon, Turkey and Venezuela as cautionary tales where capital controls crippled financial autonomy.

Brighteon.AI’s Enoch also points out that “linking bank accounts to biometrics poses severe security risks, as compromised biometric data – unlike passwords – cannot be changed if hacked, leaving victims permanently vulnerable to identity theft and financial fraud.

Additionally, centralized biometric databases like those proposed for digital IDs could be exploited by governments or corporations for surveillance, control and even exclusion from essential services based on compliance with mandates.”

The SBV defended the policy as a necessary cleanup of dormant or fraudulent accounts, particularly after police busted an AI-driven laundering ring moving 1.03 trillion dong ($39 million) using spoofed facial scans.

Yet critics like Bitcoin environmentalist Daniel Batten warn the rules grant the SBV “next-gen financial surveillance ability,” eroding privacy under the guise of security.

While local crypto executives downplay the backlash, insisting most Vietnamese citizens remain unaffected, the policy’s ripple effects are undeniable.

Herbert Sim, chief marketing officer of the AI Creator Economy and Network, noted the challenges for foreigners: “The OTP [One-Time Password] and phone-bindings, needing in-person biometric verification are big hurdles.”

For Bitcoin advocates, Vietnam’s crackdown underscores the urgency of decentralized alternatives where no government can freeze funds or demand biometric tribute.

As Bent Put It: “Once you use Bitcoin as your bank and do it correctly, there is no need to worry about your country’s government or central bank deciding on a whim to thrust biometric verification requirements on you.”

The fallout from Vietnam’s and Thailand’s banking purge serves as a stark reminder. In an age of escalating digital control, the fight for financial sovereignty is just beginning.

Updated: 9-20-2025

Time To Take Out The Garbage (Banksters)!!

Coinbase CEO Brian Armstrong has outlined plans to build a Bitcoin super app, offering credit cards, payments and Bitcoin rewards to rival traditional banks.

This initiative is part of a broader vision to make Coinbase a primary financial account for users, addressing issues like high transaction fees in the current banking system.

Coinbase CEO Brian Armstrong has said his company’s most ambitious vision is to replace traditional banks by turning Coinbase into a full-service Bitcoin “super app.”

Speaking during a recent interview with Fox Business, Armstrong confirmed the company’s plans to offer a full suite of financial services, from payments to credit cards and rewards, all powered by Bitcoin rails.

“Yes, we do want to become a super app and provide all types of financial services,” Armstrong said. “We want to become people’s primary financial account and I think that Bitcoin has a right to do that.”

Armstrong criticized the current banking system as outdated and inefficient, pointing out high transaction fees as one of the main pain points. “It kind of boggles my mind. Like, why are we paying two to three percent every time we swipe our credit card?” he asked.

“It’s just some bits of data flowing over the internet. It should be free or close to it.”

Coinbase Eyes 4% Bitcoin Rewards Card

The Coinbase CEO said the long-term goal is to offer better services across the board, including a credit card with 4% Bitcoin rewards.

“Ultimately, we want to be a bank replacement for people,” he said.

The push for a super app comes amid growing regulatory clarity in the US. Armstrong praised recent legislative wins such as the GENIUS Act and the progress of broader market structure legislation in the Senate, noting that the “freight train has left the station” regarding regulatory clarity.

“We’ve partnered with banks like JPMorgan and PNC,” Armstrong noted, “but their policy folks sometimes are doing a different playbook. We’d rather that they just operated on a level playing field with every other company.”

Coinbase Taps DeFi To Boost USDC Yields

As Cointelegraph reported, Coinbase has integrated decentralized lending protocol Morpho into its app, enabling users to lend USDC directly without needing third-party DeFi platforms. The move allows users to potentially earn yields as high as 10.8%.

The rollout comes amid tensions around yield-bearing stablecoins, which were banned under the GENIUS Act. Bank-backed groups like the Bank Policy Institute have called for regulators to close perceived loopholes that allow yield through third-party DeFi integrations.

Coinbase dismissed these criticisms, stating that stablecoins aren’t a threat to lending but a modern alternative to outdated banking revenue models.

The Problem With Traditional Banks

A bank is a special kind of company because of its funding model. Compared to normal companies, banks:

Borrow much more money. JPMorgan Chase & Co., for instance, has $4.36 trillion of assets and $4 trillion of liabilities; 92% of its financing comes from debt.

Compare Meta Platforms Inc. ($280 billion of assets, $95 billion of liabilities, so 34% debt financed) or Walmart Inc. ($262 billion, $103 billion, 39%).

Those book values understate the difference: Meta and Walmart have equity market values of $1.76 trillion and $775 billion, respectively.

Their liabilities represent about 5% and 13%, respectively, of their equity values; almost all of the value of those companies belongs to shareholders.

JPMorgan’s market capitalization is about $740 billion; its liabilities represent about 540% of its equity value. Almost all of the value of JPMorgan belongs to its creditors.

Borrow with much shorter terms. Regular companies borrow by taking out multi-year bonds or loans. Banks borrow by issuing deposits, and many of their depositors can ask for their money back at any time.

JPMorgan’s liabilities include $2.5 trillion of deposits, $533 billion of “Federal funds purchased and securities loaned or sold under repurchase agreements” (also in large part demand money) and $65 billion of “short-term borrowings.”

Roughly three-quarters of JPMorgan’s assets are financed with short-term money that could disappear fairly quickly.

Borrow risk-free: Generally speaking, most depositors do not conduct careful credit evaluations of their banks before depositing money. Nobody says “I have deposited $100 in my bank, but there is some risk of them not paying me back, so I have marked my bank account at $90.”

A dollar in a bank just is a dollar. The deposits may or not pay interest, but they won’t pay much interest, because the depositors are not expecting to be compensated much for credit risk.

Those facts — the funding model, lots of short-term borrowing that the counterparties treat as approximately risk-free — are what make a bank a bank.

And then there is the other side of the balance sheet. If you have the ability to borrow lots of short-term money from lenders who do not supervise your activities closely, what should you do with that money?

One possible answer is, like, “use all of it to make risky venture-capital-style investments in hot startups.” That is a bad answer.

It’s not a bad answer because no one should do it: Some people do make risky venture capital investments, and often it works out quite well. It’s a bad answer because banks, specifically should not do it. Banks should not do it because of their funding model.

Because banks issue short-term risk-free deposits, it is very important that they not take too many risks. Making investments that could go up a lot, or that could go to zero, is not what a bank is for; banks are supposed to make investments that are safe, because it is very important that they always have the money.

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