According to the regulator’s directive, 102 websites related to online gambling are blocked in Cambodia. 16 of them belong to cryptocurrency trading platforms. TRC clarified that these platforms do not have a license from the Securities and Exchange Commission of Cambodia (SERC). Despite the closure of the websites, the mobile applications of these services are still working.
Notably, in 2022, Binance entered into a memorandum of understanding with SERC to jointly develop rules for regulating digital assets. In mid-2023, Binance management conducted training sessions for Cambodian Ministry of Internal Affairs officials to identify cryptocurrency crimes. Therefore, the blocking of Binance in Cambodia caused confusion among many crypto enthusiasts.
Currently, only two companies are allowed to operate in Cambodia with digital assets under the government’s FinTech Regulatory Sandbox program. However, even these licensed platforms cannot convert crypto assets into local or foreign currency.
The TRC’s service blocking order is intended to prevent cybercrime and cryptocurrency fraud. In Cambodia, criminals are increasingly using cryptocurrencies for money laundering, dark web transactions and other illegal activities, according to a report from the United Nations Office on Drugs and Crime.
A few years ago, Cambodian authorities announced that a special license was required to carry out any cryptocurrency transactions. This should protect traders from scammers, regulators are confident.
Source: Bits
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