Vietnam Cracks Down on Offshore Crypto Trading; Coinbase Opens to Mainland China

What happened: Vietnam’s Ministry of Finance issued Decree No. 284/2026/NĐ-CP on July 16, 2026, imposing fines of VND 30–50 million (~$1,140–$1,900) on retail users trading crypto via offshore platforms such as Binance, OKX, and Bybit. Organizations face even higher penalties, up to VND 100 million (~$3,800), and unlicensed service providers up to VND 200 million (~$7,600). The decree takes effect September 1, 2026, but no local exchange has received a full license yet. Meanwhile, Coinbase quietly enabled registration for mainland Chinese users on July 14, 2026, accepting national IDs and local addresses for the first time, as confirmed by Wu Blockchain and Coinbase staff. In Malaysia, Balaji Srinivasan’s Network School faces scrutiny amid allegations of Israeli citizens entering the country, prompting a freeze on a planned $122M expansion.

Why it matters: Vietnam’s move marks one of the first large-scale attempts to penalize individual crypto users for offshore trading, despite the absence of a licensed domestic alternative, raising questions about enforceability and market impact. Coinbase’s expansion into mainland China signals a potentially significant shift in access for Chinese investors, though the company has not made a public announcement. The Malaysia controversy highlights the geopolitical risks facing Web3 education and investment projects in Southeast Asia.

Source: Cointelegraph, The Block, Crypto.news, Free Malaysia Today