Cambodia has blocked access to 16 major cryptocurrency exchanges, including Binance, OKX, and Coinbase, citing their failure to secure licenses from the Securities and Exchange Regulator of Cambodia (SERC).
The ban, enforced on November 20, affects 102 domains tied to unlicensed crypto and online gambling operations, though mobile apps remain functional.
This move aims to regulate the country’s growing digital asset market, which is projected to generate $8 million in revenue by 2024. Despite efforts by Binance, including partnerships to promote blockchain adoption and combat crypto crimes, the exchange was also banned.
Cambodia’s crypto market remains constrained by limited licensing. Only two companies are authorized to operate under SERC’s FinTech Regulatory Sandbox, which excludes currency exchanges in Cambodian riel or U.S. dollars.
Rising crypto-related scams and illicit activities, including money laundering, have driven the regulatory crackdown. Moving forward, Cambodia plans to develop a robust framework for digital assets and decentralized finance to stabilize the sector and combat financial crimes.
Image Credit: Pixabay
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