Key Takeaways
- Cambodia has blocked access to 16 exchanges in the country.
- Despite the crackdown, Cambodia ranks in the top 20 countries for retail crypto usage.
- Cambodia has faced scrutiny for high levels of crypto-related fraud.
Sixteen crypto exchanges, including leading players such as Coinbase and Binance, have had access to their websites blocked in Cambodia as the country continues to try to regulate the crypto industry.
A directive signed by Telecommunication Regulator of Cambodia (TRC) chairman Srun Kimsann has reportedly ordered the block of 102 domains, according to a Nikkei report.
Cambodia Crypto Crackdown
Authorities have blocked access to crypto exchange websites because they do not hold licenses from the Securities and Exchange Regulator of Cambodia (SERC). However, their mobile apps remain active.
Cambodia, which ranks among the top 20 countries for global retail crypto use, reportedly uses centralized exchanges for 70% of crypto transactions.
The crackdown comes as only two companies received licenses to operate with digital asset businesses under SERC’s “FinTech Regulatory Sandbox” program, launched in 2022.
Binance has also signed a memorandum of understanding with SERC to help develop digital asset regulation in the country.
“We are closely monitoring the evolving situation,” said a Binance spokesperson.
Usage Remains High
Despite the attempted crackdown, crypto use in Cambodia remains high, fueled by its growing popularity among retail users.
Efforts are underway to create a robust legal framework, as seen in partnerships with Binance, to develop the local crypto landscape.
However, disagreements between national financial institutions like the National Bank of Cambodia (NBC) and SERC complicate the process.
While SERC has been more open to fostering a regulatory environment for digital assets, NBC remains cautious and restrictive.
Crypto Fraud is Rife
Cambodia has faced increasing scrutiny over crypto-related criminal activities, particularly linked to organized crime and large-scale scams.
A notable case involved the Huione Pay platform, an online marketplace linked to Cambodia’s ruling family, which was allegedly used to process more than $49 billion in crypto transactions from 2021 to August 2024.
Investigations revealed transfers to wallets linked to scam operations across Southeast Asia.
Criminal organizations in Cambodia have also reportedly been using cryptocurrencies for dark-web payments, according to the UN Office of Drugs and Crime office.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
