Cambodia Bans 16 Crypto Exchanges, Including Binance and Coinbase
Date: 2024-12-04 Author: Henry Casey Categories: IN WORLD
Cambodia regulators have decided to block 102 domains, including 16 popular crypto exchanges such as Binance, OKX, and Coinbase. According to Nikkei Asia, these platforms failed to obtain the necessary license from the Cambodian Securities and Exchange Authority, making their operations illegal in the country. Despite the blocking of their websites, mobile apps of some exchanges remain accessible.
Particularly tough measures were taken against platforms associated with online gambling. However, the inclusion of well-known global crypto exchanges on this list came as a surprise to market participants. According to Chainalysis, Cambodia ranks among the leaders in terms of cryptocurrency adoption among the population, with 70% of transactions carried out through centralized exchanges.
Binance representatives said that the company continues to monitor the situation. Since 2022, Binance has been actively cooperating with the Cambodian authorities, providing training to the Ministry of Interior officials on identifying crimes related to digital assets.
Experts associate the increased control over crypto exchanges with the rise in fraud in the country. The UN Office on Drugs and Crime highlights Cambodia as one of the key areas of illegal activity. Among the identified crimes are money laundering and the use of cryptocurrencies in transactions on darknet platforms. In addition, according to the UN, criminal syndicates associated with Chinese gaming networks have organized the transfer of about 30,000 people to Cambodia and neighboring Myanmar. These people are forced to create fake online profiles and participate in fraudulent schemes, including scams with digital assets.
The measures taken by the authorities highlight Cambodia's desire to strengthen control over the cryptocurrency market and minimize the risks associated with illegal activities. However, blocking well-known platforms could affect the country's reputation in the eyes of the international crypto community.
