A notice posted on the Coin98 Wallet fanpage states: “To comply with new Vietnamese regulations regarding digital assets, effective immediately, Coin98 Wallet will suspend services for users who are citizens or residents of Vietnam.”
The company clarifies: “Coin98 Wallet is a non-custodial wallet, meaning users retain full control over their assets at all times. This announcement does not impact users’ ownership or management of their digital assets.”
Vietnamese-language community channels of Coin98 will cease updates. Users outside Vietnam can continue using the platform and access information via international community channels.
This decision follows Vietnam’s new resolution on the pilot digital asset market, effective September 9, 2025, for a five-year period.
Under the new regulations, all digital asset service providers must obtain a license from the Ministry of Finance to operate legally.
A key aspect of the resolution is the tightened control over cryptocurrency transactions. Investors, both domestic and foreign, are only permitted to trade digital assets through licensed organizations. Six months after the first license is issued, domestic users trading via unlicensed platforms may face administrative or criminal penalties.
Coin98 Finance (rebranded as Ninety Eight in November 2023) is a well-known name in Vietnam’s tech scene. Founded in 2017 by Lê Thanh and Nguyễn Thế Vinh, the company has grown into a leading decentralized finance (DeFi) project in the region.
Coin98’s appeal lies in its unique multi-chain connectivity, enabling users to interact with over 20 different blockchains through a single interface.
Beyond its wallet, Coin98 offers a decentralized exchange and digital asset management solutions. The company also successfully launched its native token, Coin98 (C98). As of September 12, according to Binance data, C98 is trading around $0.05 USD with a 24-hour volume of nearly 28 million units.
– 16:04 12/09/2025
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