Catenaa, Monday, December 09, 2024 –The Cambodian government has blocked access to 16 cryptocurrency exchange websites, including industry giants Binance and Coinbase, as part of its efforts to control the illegal yet thriving crypto market.
Despite these measures, apps associated with the blocked platforms remain operational, indicating the challenges authorities face in managing decentralized digital finance.
The National Bank of Cambodia has imposed bans on cryptocurrency transactions since 2017, targeting services that allow exchanges between stablecoins like Tether (USDT) and fiat currencies.
However, the availability of apps and informal trading networks has hindered enforcement efforts.
The decision comes as Cambodia faces growing international pressure to address its reputation as a hub for cyberscams and illicit financial activity. Critics argue that targeting established crypto platforms may inadvertently stifle legitimate business opportunities without addressing the root issues of unregulated digital transactions.
Despite the restrictions, the crypto market in Cambodia continues to expand, with financial institutions and traders navigating around the imposed bans.
The move reflects the broader struggle governments face in controlling cryptocurrency markets while balancing innovation and regulation.
The Cambodian government’s latest actions are part of a broader push to improve financial governance and align with international standards, but the effectiveness of such measures remains uncertain given the resilient and decentralized nature of crypto trade.
