Cambodia Blocks Binance, Coinbase, and 14
Other Crypto Exchanges Amid Rising
Concerns
Cambodia has blocked access to 16 crypto exchange websites, including major
platforms like Binance, Coinbase, and OKX, as part of its effort to regulate
the digital asset market.
The action, enforced by the Telecommunication Regulator of Cambodia (TRC),
targets platforms operating without proper licenses from the Securities and
Exchange Regulator of Cambodia (SERC).
Cambodia vs. Crypto: New Rules Aim to Curb Illicit Activities
It was reported that authorities restricted access to 102 domains in a
directive signed by TRC acting chairman Srun Kimsann, focusing primarily on
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта exchanges and online gambling sites. Authorities have blocked
website access, but mobile apps for these platforms remain functional.
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The crackdown reflects Cambodia’s cautious approach to cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта. Only
two entities are currently authorized to operate under the SERC’s FinTech
Regulatory Sandbox program. Regulators prohibit these licensed platforms from
facilitating the exchange of digital assets for fiat currencies, including the
Cambodian riel and US dollars.
This move comes despite Binance’s partnerships in Cambodia. In 2022, Binance
signed a memorandum of understanding with SERC to assist in developing digital
currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта regulations. Binance has also collaborated with the Royal Group, a
leading Cambodian conglomerate, and trained Interior Ministry officials to
detect crypto-related crimes earlier this year.
Crypto Paradox in Cambodia
Cambodia’s regulatory measures come amid increasing scrutiny over its role as
a hub for crypto scams and cybercrime. The UN Office on Drugs & Crime has
flagged the country as a hotspot for illicit activities, including money
laundering and dark web transactions facilitated through cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта.
Criminal syndicates tied to Chinese gambling and fraud networks have
trafficked around 30,000 individuals to Cambodia and neighboring Myanmar.
Criminals coerce these victims into creating fake profiles and orchestrating
scams, including fraudulent cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта schemes, under severe duress.
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Huione Guarantee, an online marketplace tied to the Cambodian
conglomerate, Huione Group, has recently been exposed as a significant player
in facilitating cybercrimes. Our coverage of the service is much larger than
previously reported — we identified that the platform has processed more than
$49 billion in cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта transactions since 2021, Chainalysis
found .
Many of these activities are linked to Sihanoukville, a city notorious for
illegal online gambling operations. Cambodia banned such activities in 2020
following pressure from Beijing, but remnants of the underground economy
persist.
The Chainalysis report revealed billions in pig butchering operations tied to
Huione Guarantee . This finding intensified global concerns about Cambodia’s
regulatory and enforcement framework for cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта activities.
Despite its crackdown on exchanges, Cambodia remains a significant player in
the global crypto terrain. Cambodia ranks in the top 20 for retail crypto
usage per capita, with 70% of transactions via centralized exchanges. Statista
expects the Digital Assets market in Cambodia to generate $8 million in
revenue in 2024, though growth may slow by 2025. Digital Asset Market Growth
Cambodia. Source: Statista .
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The government has embraced digital financial innovation through the Bakong
payments system, which processed 200 million transactions in 2023. Yet,
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта remains officially prohibited while thriving unofficially
through peer-to-peer• Телекоммуникации и связь » Компьютерная сеть » Интернет » Файлообменная сеть » Одноранговая сеть markets and platforms like Huione Guarantee.
The Cambodia Fintech Development Policy outlines plans for a comprehensive
regulatory framework for digital assets and decentralized finance systems.
These measures aim to address financial crimes and support a more organized
digital economy in the years ahead.
Crypto Crackdowns Elsewhere
Cambodia’s actions are part of a global trend. In September 2024, German
authorities shut down 47 crypto exchanges over money laundering allegations.
They cited anonymous transactions without proper KYC protocols.
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In November 2024, the UK s Financial Conduct Authority introduced a
roadmap for stricter crypto regulations. These include capital
requirements and insider trading rules, which are expected to be implemented
by 2026.
Meanwhile, Coinbase continues to face significant challenges in the US. In
June 2023, the SEC charged Coinbase with operating as an unregistered
securities exchange, broker, and clearing agency.
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Coinbase sought to dismiss the case , but a New York court denied this motion
in March 2024. The SEC s allegations were allowed to proceed. Coinbase’s
regulatory battles underscore the broader uncertainties facing crypto
exchanges in the US
As countries ramp up enforcement measures, the crypto industry faces a crucial
inflection point. Striking a balance between innovation and compliance will
determine the trajectory of digital assets in markets like Cambodia, Germany,
the UK, and the US. For now, crypto players must navigate an increasingly
fragmented and challenging regulatory environment.
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