Cambodia Cracks Down on Crypto Exchanges Amid Growing Regulatory Push
Cambodia has recently blocked 16 major cryptocurrency exchange websites, including Binance and Coinbase, as part of efforts to regulate the digital asset market.
The Telecommunication Regulator of Cambodia (TRC) took action against platforms operating without licenses from the Securities and Exchange Regulator of Cambodia (SERC). This crackdown, focusing on crypto exchanges and gambling sites, aims to reduce illicit activities like money laundering and fraud. However, mobile apps for these exchanges remain operational.
Despite Binance’s partnerships with local authorities to develop crypto regulations, Cambodia’s stance is cautious, with only two licensed platforms allowed to operate. The country remains a significant player in global crypto usage, ranking in the top 20 for retail adoption.
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However, it is also a hotspot for cybercrime linked to crypto scams and human trafficking, with billions in illicit transactions reported on platforms like Huione Guarantee.
The government’s moves are part of a global trend toward stricter crypto regulation, with countries like Germany and the UK introducing similar measures. The crypto industry now faces increasing regulatory pressure, and its future will depend on balancing innovation with compliance.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
