- Cambodia has tightened regulation of digital assets.
- It has blocked access to 16 popular cryptocurrency exchange platforms.
Cambodia has reportedly blocked access to 16 cryptocurrency exchange websites as part of efforts to curb potential crypto-related crime. Among the blocked platforms are Binance and Coinbase.
Binance is the world’s largest cryptocurrency exchange by trading volume and global user base, while Coinbase is the largest U.S.-based cryptocurrency exchange.
Crackdown on unregistered exchanges in Cambodia
As part of its move to regulate the crypto sector, the Cambodian government now requires exchanges to obtain a legal license from the country’s Securities and Exchange Regulator. The exchanges named in the block had not secured that authorization.
The country’s telecom regulator indicated that the 102 blocked sites were linked to online gambling. Notably, Binance—despite having signed a partnership agreement with Cambodian authorities in 2022—is among the sites that were rendered inaccessible following the regulator’s ban.
Despite the website blocks, most mobile apps for the affected exchanges remain operational. Cambodia’s central bank banned the use of cryptocurrencies in 2017, yet citizens have continued to participate in gambling and online trading of these digital assets.
According to reporting by Nikkei Asia, the recent blocks stem from the exchanges’ failure to obtain the licenses required by the telecom regulator. Although this is an evolving situation, exchanges and other platforms still play a significant role in the development of Cambodia’s growing digital asset economy.
Binance’s presence in Cambodia
In 2022, Binance signed an agreement with the Securities and Exchange Regulator of Cambodia (SERC) to support digital asset development in the country. The exchange later strengthened its local presence through a partnership with the Royal Group.
Binance is one of several exchanges to face similar regulatory pushback. Earlier in 2024, Indian authorities blocked multiple platforms for failing to register locally. That action came days after India’s anti-money laundering unit ordered the removal of several crypto exchange apps from Apple’s App Store and Google Play Store.
In a related development, Binance officially returned to the Indian market in August 2024 after completing registration with India’s financial intelligence unit and paid a fine of $2 million.