Cambodia Bans Binance and Coinbase as Government Implements New Crypto Regulations
Cambodia has increased efforts to regulate cryptocurrency by blocking access to 16 major crypto exchange websites, including Binance, Coinbase, and OKX, Nikkei Asia reported on December 3.
The Telecommunication Regulator of Cambodia (TRC) issued the directive, citing a lack of licenses from the Securities and Exchange Regulator of Cambodia (SERC). However, mobile apps for these platforms remain accessible.
The directive is part of a broader crackdown targeting 102 domains, with most belonging to online gambling sites. Binance, despite having a 2022 partnership with SERC to aid in developing crypto regulations, is among those affected.
Binance also trained Cambodian officials on detecting crypto crimes earlier this year.
So far, only two companies have secured licenses under SERC’s “FinTech Regulatory Sandbox” program, but their operations are limited to trading digital assets without fiat currency exchanges.
Despite these restrictions, Cambodia ranks among the top 20 nations globally for retail crypto usage, with centralized exchanges making up 70% of transactions.
Experts remain skeptical of the effectiveness of such bans. “Restrictions don’t work where there’s organic demand,” said Chainalysis’s Asia-Pacific head, Chengyi Ong.
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