Cambodia has blocked access to 16 crypto exchanges, accusing them of not being registered with the regulator. Blocked exchanges include Binance, Coinbase and OKX. However, their applications remain online for the time being.
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Cambodia cracks down on unregistered crypto exchanges
Cambodia is stepping up regulatory and restrictive measures to clean up the crypto ecosystem in the country. In a bid to combat potential cryptocurrency-related crime, Cambodia has blocked the websites of 16 crypto exchanges. According to the local press Binance, Coinbase and OKX are among the exchanges blocked.
The government’s blocking campaign extends beyond the crypto ecosystem. According to local sources, a total of 102 Internet domains have been banned by the Cambodian authorities. Online gaming sites are also affected by this measure.
The blocking of 16 crypto exchanges is due to non-compliance with the country’s regulations. Indeed, in order to regulate the crypto ecosystem, the Cambodian government requires exchanges to obtain a legal license from the country’s securities and exchange regulator. The 16 blocked crypto exchanges never obtained this license, according to the Cambodian authorities.
Binance registered or not?
The case of Binance is particularly troubling. Nearly two years ago, the world’s largest crypto exchange had announced a partnership with Cambodia’s securities and exchange regulator (SERC) to develop the crypto industry in the country. One wonders how a state body could partner with an unregulated exchange.
For now, only the websites of 16 crypto exchanges are blocked. The applications of the targeted crypto exchanges remain accessible in the country.
Cambodian authorities have repeatedly warned their citizens against cryptocurrencies. However, Cambodians continue to turn to cryptoassets as in many other countries. According to a report from Triple A, nearly 600,000 Cambodians hold crypto. This represents 3.44% of the country’s population, far ahead of pro-crypto countries. such as El Salvador.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
