Cambodia blocked 16 crypto exchange websites including top crypto platforms Binance and Coinbase.
Binance and Coinbase apps are still accessible in Cambodia, to regional users.
After a series of crypto scam events, Cambodia has finally decided to block access to 16 crypto exchange platforms in the country. However, the Cambodia crypto ban only applies to the exchange websites and not their applications. This clearly shows the Cambodian government’s struggle to manage the booming crypto market in the country, while also putting a hold on illegal activities.
As per the latest report from Asia Nikkei, Cambodia blocked access to 16 crypto exchange platforms and the list includes leading crypto trading platforms such as Binance and Coinbase. However, Binance and Coinbase apps are still accessible in Cambodia to users. The country has been facing international pressure being in the spotlight as a cyber scam hub for a while.
Cambodia Crypto Ban to Combat Cybercrime in Southeast Asia
Cambodia made headlines multiple times for crypto scams in the past few years. As per the report published by Blockchain analysis firm Chainalysis, Huione Guarantee, a Cambodian online marketplace has been exposed for facilitating cybercrimes. The company’s illegal activities and reports include pig butchering scams, addresses reporting stolen funds, fraud shops, gambling sites, casinos, and more.
Huion Guarantee accounted for more than $49 billion in transactions in crypto since 2021. An online marketplace of this magnitude is used by online scammers and made Huione Gaunratte a cybercrime hub in Southeast Asia.
Another report from Elliptic mentioned merchants on this platform offered technology, data, and money laundering services in transactions worth around $11 billion. Apart from Huione Guarantee, Huione Pay, which is also a major Cambodian payments firm, also known for its cybercrime activities. The payments firm based in Cambodia’s capital Phnom Penh received $150,000 worth of crypto from North Korean hackers.
Taking all these cybercrime activities into consideration, the Cambodian government is finally taking steps toward the regularization of the industry. The current Cambodian crypto ban on 16 crypto exchange websites is a part of its efforts to mitigate cybercrimes of crypto and digital asset services.
The Cambodian government attempts to regulate the cryptocurrency industry keeping in mind the growing adoption and thriving crypto markets in the country. However, regulation by governments has little to nothing to do with scams and fraud in the industry, thanks to its decentralized nature.
Highlighted Crypto News Today:
HBAR Surges Past $0.24 as ETF Filing and Ripple Rumors Fuel Derivatives Boom
