Cambodia has tightened regulatory measures against unauthorized online activities by blocking 102 websites, including 16 crypto exchange platforms such as Binance and Coinbase. coin speaker I will report.
The Telecommunications Regulatory Authority of Cambodia (TRC) implemented this action as the platform does not have the necessary license from the Securities and Exchange Regulatory Authority of Cambodia (SERC).
Although these websites are now inaccessible in the country, their mobile apps remain operational, highlighting the complexities regulators face when controlling access to digital platforms.
The main focus of this crackdown was on websites related to online gambling.
However, the inclusion of well-known crypto exchanges has raised concerns within the industry.
Cambodia remains cautious towards cryptocurrencies, allowing only two entities to operate under its FinTech Regulatory Sandbox program.
These licensed platforms are subject to strict restrictions, including a prohibition on converting digital assets into fiat currencies such as the Cambodian riel or the US dollar.
The regulatory action comes amid increased international scrutiny of Cambodia’s involvement in cybercrime and cryptocurrency fraud.
The United Nations Office on Drugs and Crime has identified the country as a hub for illegal activities such as money laundering and dark web transactions facilitated by cryptocurrencies.
Despite these challenges, Cambodia maintains a significant presence in the global crypto market, ranking among the top 20 countries in terms of retail crypto usage per capita.
According to the report, centralized exchanges account for about 70% of cryptocurrency transactions in the country.
Featured image credit: Edited from freepic
