Cambodia has blocked access to 16 cryptocurrency websites, including big names like Binance, Coinbase, and OKX, as part of efforts to regulate the growing digital asset market.
The move was confirmed by the Telecommunications Regulator of Cambodia (TRC), which oversees the country’s internet and telecommunications services.
The decision is part of a wider crackdown on online platforms. A directive signed by TRC’s acting chairman, Srun Kimsann, targeted 102 online domains, most of which were linked to illegal gambling sites.
However, cryptocurrency exchanges that lack proper licensing from the Securities and Exchange Regulator of Cambodia (SERC) were also included in the restrictions.
Interestingly, while the websites are now blocked, their mobile apps remain available for download and use. This raises questions about how effectively the restrictions can be enforced.
A spokesperson for Binance, one of the affected exchanges, said the company is aware of the situation and keeping an eye on developments. “We are closely monitoring the evolving situation”, said Lily Lee, the Binance representative.
The decision to block Binance is surprising given the platform’s strong partnerships in Cambodia.
Binance signed a memorandum of understanding (MoU) with SERC in 2022, aiming to help the country develop rules and regulations for digital currencies. This agreement was seen as a major step towards formalising Cambodia’s crypto sector.
Binance also collaborated with the Royal Group, one of Cambodia’s leading conglomerates, to support local blockchain projects.
Earlier this year, the platform trained officials from the Interior Ministry to help them detect and tackle crypto-related crimes.
Despite these efforts, Binance’s website has been blocked, along with others that lack local licences.
Cambodia’s current regulatory system allows only two companies to operate legally under SERC’s “FinTech Regulatory Sandbox” programme.
These companies can trade digital assets but cannot convert cryptocurrencies into Cambodia’s official currency or any other fiat currency.
Crypto use continues to grow
Cambodia’s decision to block crypto websites comes as the country continues to see widespread cryptocurrency use. According to analytics firm Chainalysis, Cambodia ranks among the top nations for retail crypto usage per person.
Centralised exchanges account for 70% of all crypto transactions in the country, making them the primary choice for most users.
However, Cambodia has also faced criticism for its role in crypto-related crimes.
A report from the United Nations Office on Drugs and Crime revealed that criminal groups in the country are using cryptocurrencies for money laundering and illegal transactions on the dark web.
One major case involved Huione Guarantee, a marketplace tied to the Cambodian conglomerate Huione Group, which facilitated over $49 billion in crypto transactions between 2021 and mid-2024.
These transactions have raised serious concerns about the misuse of digital currencies.
While regulators are trying to clamp down on illegal activities, the strong demand for cryptocurrency presents a challenge.
“Broad-based restrictions often fail where organic demand and practical applications exist”, said Chengyi Ong, head of Asia-Pacific policy at Chainalysis.
This suggested that despite stricter rules, Cambodia’s crypto market could adapt and continue to grow.
Record-breaking crypto trading in November
While Cambodia is tightening restrictions, the global crypto market had a remarkable November.
Spot trading volumes reached $2.71 trillion, the highest level since May 2021. This marked a huge leap from October’s $1.14 trillion.
Binance dominated the market, handling $986 billion in trades and accounting for 36% of the total.
Other major platforms like Crypto.com, Upbit, and Bybit also saw impressive activity, each surpassing $200 billion in monthly trading volume.
Futures trading was also strong, with Bitcoin futures hitting $2.59 trillion and Ethereum futures reaching $1.28 trillion—both two-year highs.
This surge in trading was partly driven by the re-election of pro-crypto US President Donald Trump in early November. His policies are expected to favour the growth of digital assets.
Additionally, Bitcoin exchange-traded funds (ETFs) in the US recorded inflows of $6.4 billion, as the cryptocurrency’s price climbed by 45% during the month.
Bitcoin ended November at an all-time high of $99,000, further boosting market activity.
