• Home
  • Binance
  • Major Crypto Exchange Websites Blocked by Cambodia in New Move 🚫💰
Major Crypto Exchange Websites Blocked by Cambodia in New Move 🚫💰

Major Crypto Exchange Websites Blocked by Cambodia in New Move 🚫💰

🚫 Cambodia Steps Up Crypto Regulations: A Closer Look

This year, Cambodia has intensified its regulation of digital assets by blocking access to various cryptocurrency exchange websites, including prominent platforms such as Binance, Coinbase, and OKX. The country’s actions highlight its commitment to overseeing the growing digital asset market and ensuring compliance with local regulations.

🗣️ Official Announcement of the Block

According to a spokesperson from the Telecommunication Regulator of Cambodia (TRC), this measure is part of broader regulatory efforts aimed at controlling the cryptocurrency landscape in the nation. A directive issued by TRC’s acting chairman, Srun Kimsann, specifically targets not just crypto exchanges but also extends to a total of 102 web domains, predominantly focusing on online gambling sites.

🔎 Lack of Licensing Sparks Action

The restriction placed on these cryptocurrency websites is primarily due to their failure to secure proper licensing from the Securities and Exchange Regulator of Cambodia (SERC). While access through browsers has been curtailed, many of the mobile applications for these exchanges continue to function normally, allowing users some level of access to their services.

Despite existing collaborations in Cambodia, such as Binance’s previous agreement with SERC to assist in the establishment of digital currency regulations, the crackdown continues. Earlier this year, Binance also provided training to officials from the Interior Ministry to help identify crimes related to cryptocurrency.

📉 Limited Licensed Entities

At present, only two organizations have received licenses under SERC’s “FinTech Regulatory Sandbox” program. These licensed entities can engage in digital asset trading; however, they face restrictions that prevent them from exchanging cryptocurrencies for the Cambodian riel or other fiat currencies. The stringent regulations highlight the government’s cautious approach to the crypto ecosystem.

Despite these limitations, research from Chainalysis indicates that Cambodia is a leading nation in retail cryptocurrency usage per capita, with centralized exchanges representing 70% of all crypto transactions within the country. The popularity of cryptocurrencies continues to thrive, albeit under a watchful regulatory eye.

🚨 Criminal Scrutiny Surrounding Crypto Use

The Cambodian government is facing increasing scrutiny regarding the potential misuse of cryptocurrencies for illegal activities. Reports indicate that criminal organizations are leveraging digital currencies for money laundering and engaging in transactions on the dark web. Notably, Chainalysis identified that over $49 billion in crypto transactions occurred between 2021 and mid-2024, facilitated by a marketplace within the Huione Group, a notable conglomerate in Cambodia.

📈 Notable Surge in Crypto Trading Volume

In a different aspect of the cryptocurrency landscape, November has marked a significant uptick in trading activity, with spot trading volumes reaching a staggering $2.71 trillion, the highest figure since May 2021. This volume reflects more than a twofold increase from the previous month’s $1.14 trillion, indicating a robust trading environment.

Binance remains a dominant player in this resurgence, processing approximately $986 billion, which accounts for about 36% of the overall market volume. Other notable exchanges such as Crypto.com, Upbit, and Bybit also reported significant monthly trading volumes, each exceeding $200 billion.

📊 Expanding Futures Markets

The increase in trading volume was not limited to spot markets; futures markets also experienced considerable growth. Bitcoin futures recorded a total trading volume of $2.59 trillion, while Ethereum futures achieved $1.28 trillion, both reaching their highest levels in over two years. This surge was partially fueled by political developments, including the reelection of pro-crypto Republican Donald Trump as U.S. President on November 6.

November is also noted for being a pivotal month for Bitcoin exchange-traded funds (ETFs) in the United States, with substantial inflows of $6.4 billion into spot BTC ETFs. This influx aligns with a month-long surge in Bitcoin prices, which jumped by 45%, reaching an all-time high of $99,000.

🔥 Hot Take: Navigating the Complex Crypto Landscape

This year’s developments underscore the multifaceted nature of the cryptocurrency landscape in Cambodia and beyond. As regulations tighten, stakeholders must adapt to a dynamic environment that balances innovation with the necessary oversight to ensure a secure framework for digital asset transactions. With the increasing scrutiny of crypto-related activities, both opportunities and challenges lie ahead for users and regulators alike.

For further reading on these topics, please consider exploring relevant sources online for a deeper understanding of the evolving cryptocurrency landscape and regulatory measures.

Read Disclaimer
This content is aimed at sharing knowledge, it's not a direct proposal to transact, nor a prompt to engage in offers. Lolacoin.org doesn't provide expert advice regarding finance, tax, or legal matters. Caveat emptor applies when you utilize any products, services, or materials described in this post. In every interpretation of the law, either directly or by virtue of any negligence, neither our team nor the poster bears responsibility for any detriment or loss resulting. Dive into the details on Critical Disclaimers and Risk Disclosures.

Share it

Major Crypto Exchange Websites Blocked by Cambodia in New Move 🚫💰