Cambodia Blocks Access to Binance, Coinbase, and OKX in Crypto Market Crackdown

Cambodia has blocked access to 16 cryptocurrency exchange websites, including major platforms like Binance, Coinbase, and OKX, as part of its ongoing effort to regulate the digital asset market.

The move was confirmed by a spokesperson for the Telecommunication Regulator of Cambodia (TRC), which oversees the country’s telecommunications sector, according to a report from Nikkei Asia.

The action follows a directive signed by acting TRC chairman Srun Kimsann, which restricted access to 102 domains, primarily targeting online gambling sites.

Crypto Exchanges Did Not Have Proper Licenses

Crypto exchange websites were included in the crackdown due to their lack of licensing from the Securities and Exchange Regulator of Cambodia (SERC).

While website access has been restricted, mobile applications for these platforms remain available.

The crackdown comes despite Binance’s existing partnerships in Cambodia.

In 2022, Binance signed a memorandum of understanding with SERC to assist in developing digital currency regulations and collaborated with the Royal Group, a prominent Cambodian conglomerate.

Binance also trained Interior Ministry officials in detecting crypto-related crimes earlier this year.

“We are closely monitoring the evolving situation,” said Binance spokesperson Lily Lee, adding that multiple platforms were affected by the restrictions.

Cambodia has blocked access to 16 cryptocurrency exchange websites, including Binance and Coinbase, due to lack of licenses. pic.twitter.com/1bZpQO1ncT

— BULLSTREET GROUP (@Bullstreetgroup) December 3, 2024

Currently, only two companies have licenses under SERC’s “FinTech Regulatory Sandbox” program.

These entities can trade digital assets but are prohibited from exchanging cryptocurrencies for Cambodia’s legal tender or other fiat currencies.

Despite these measures, Cambodia remains a global leader in retail crypto use per capita, according to analytics firm Chainalysis.

Centralized exchanges account for 70% of crypto transactions in the country.

However, the country faces scrutiny for crypto-related criminal activities.

The UN Office of Drugs and Crime reported that criminal organizations in Cambodia use cryptocurrencies for money laundering and dark-web transactions.

Chainalysis identified over $49 billion in crypto transactions between 2021 and mid-2024 facilitated by Huione Guarantee, a marketplace within the Cambodian conglomerate Huione Group.

Crypto Spot Trading Volume Surges to $2.71 Trillion in November

November saw a resurgence in cryptocurrency trading, with monthly spot trading volumes soaring to $2.71 trillion—the highest level since May 2021.

The figure represents a more than twofold increase from October’s $1.14 trillion, with Binance dominating the market, processing $986 billion and accounting for 36% of the total volume.

Other major exchanges, including Crypto.com, Upbit, and Bybit, also reported impressive performances, each exceeding $200 billion in monthly trading volume.

The rally extended to futures markets as well, with Bitcoin futures reaching $2.59 trillion in total trading volume and Ethereum futures hitting $1.28 trillion—both marking their highest levels in over two years.

The surge was largely driven by the reelection of pro-crypto Republican Donald Trump as U.S. President on November 6.

Furthermore, November was a historic month for Bitcoin exchange-traded funds (ETFs) in the United States, with investors pouring $6.4 billion into spot BTC ETFs.

The surge in inflows coincided with a month-long rally that saw Bitcoin’s price soar by 45%, reaching an all-time high of $99,000.