Cambodia Blocks Binance, Coinbase, and 14 Other Crypto Exchanges Amid Rising Concerns

BE[IN]CRYPTO12-03

Cambodia blocked 16 crypto exchange websites, including Binance and Coinbase, as part of a crackdown on unlicensed platforms. Despite restrictions, mobile apps remain functional, highlighting Cambodia...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2488991295?lang=en_US&edition=fundamental","thumbnail":"https://beincrypto.com/wp-content/uploads/2023/05/bic_CBDC_digital_bank_currency_neutral_negative_money_banknotes_laptop_fight-850x478.jpg.optimal.jpg","is_english":true,"pubTime":"2024-12-03 20:15","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2488991295","market":"us","top_or_hot":-1,"title":"Cambodia Blocks Binance, Coinbase, and 14 Other Crypto Exchanges Amid Rising Concerns","media":"BE[IN]CRYPTO","content":"<div>\n<p>Cambodia blocked 16 crypto exchange websites, including Binance and Coinbase, as part of a crackdown on unlicensed platforms.\nDespite restrictions, mobile apps remain functional, highlighting Cambodia...</p>\n\n<a href=\"https://beincrypto.com/cambodia-binance-coinbase-crypto-crackdown/\">Source Link</a>\n\n</div>\n","source":"beincrypto_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cambodia Blocks Binance, Coinbase, and 14 Other Crypto Exchanges Amid Rising Concerns</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCambodia Blocks Binance, Coinbase, and 14 Other Crypto Exchanges Amid Rising Concerns\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-03 20:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://beincrypto.com/cambodia-binance-coinbase-crypto-crackdown/><strong>BE[IN]CRYPTO</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Cambodia blocked 16 crypto exchange websites, including Binance and Coinbase, as part of a crackdown on unlicensed platforms.\nDespite restrictions, mobile apps remain functional, highlighting Cambodia...</p>\n\n<a href=\"https://beincrypto.com/cambodia-binance-coinbase-crypto-crackdown/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4554","symbol_name":"元宇宙及AR概念","start_time":0,"source_url":"https://beincrypto.com/cambodia-binance-coinbase-crypto-crackdown/","article_id":"2488991295","we_media_id":null,"thumbnails":["https://beincrypto.com/wp-content/uploads/2023/05/bic_CBDC_digital_bank_currency_neutral_negative_money_banknotes_laptop_fight-850x478.jpg.optimal.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2488991295","pubTimestamp":1733228147,"columns":[],"sourceInfo":{"source_id":"beincrypto_highlight","name":"BE[IN]CRYPTO"},"weMediaInfo":null,"summary":"Cambodia blocked 16 crypto exchange websites, including Binance and Coinbase, as part of a crackdown on unlicensed platforms.Despite restrictions, mobile apps remain functional, highlighting Cambodia's complex stance on crypto regulation and digital finance.Global trends echo this crackdown, with countries like Germany and the UK imposing stricter regulations on crypto platforms.Cambodia has blocked access to 16 crypto exchange websites, including major platforms like Binance, Coinbase, and OKX, as part of its effort to regulate the digital asset market.The action, enforced by the Telecommunication Regulator of Cambodia , targets platforms operating without proper licenses from the Securities and Exchange Regulator of Cambodia .Cambodia vs. Crypto: New Rules Aim to Curb Illicit Activities. This move comes despite Binance’s partnerships in Cambodia. In 2022, Binance signed a memorandum of understanding with SERC to assist in developing digital currency regulations. Binance has also coll","collect":0,"end_time":0,"defaultTopTitle":"beincrypto.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4554":"元宇宙及AR概念","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","BK4596":"哈里斯概念","COIN":"Coinbase Global, Inc.","BK4600":"加密货币概念","TRC":"Tejon Ranch Co","BK4112":"金融交易所和数据","BK4551":"寇图资本持仓","BK4535":"淡马锡持仓","BK4585":"ETF&股票定投概念","BK4539":"次新股","LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK4193":"多样化房地产活动","BK4588":"碎股","BK4595":"比特币概念","BK4516":"特朗普概念"},"translate_title":"由于担忧日益加剧，柬埔寨封锁了币安、Coinbase和其他14家加密货币交易所","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TRC":1,"COIN":1},"content_text":"Cambodia blocked 16 crypto exchange websites, including Binance and Coinbase, as part of a crackdown on unlicensed platforms.\nDespite restrictions, mobile apps remain functional, highlighting Cambodia's complex stance on crypto regulation and digital finance.\nGlobal trends echo this crackdown, with countries like Germany and the UK imposing stricter regulations on crypto platforms.\n\nCambodia has blocked access to 16 crypto exchange websites, including major platforms like Binance, Coinbase, and OKX, as part of its effort to regulate the digital asset market. \nThe action, enforced by the Telecommunication Regulator of Cambodia (TRC), targets platforms operating without proper licenses from the Securities and Exchange Regulator of Cambodia (SERC).\nCambodia vs. Crypto: New Rules Aim to Curb Illicit Activities\nIt was reported that authorities restricted access to 102 domains in a directive signed by TRC acting chairman Srun Kimsann, focusing primarily on cryptocurrency exchanges and online gambling sites. Authorities have blocked website access, but mobile apps for these platforms remain functional. \nThe crackdown reflects Cambodia’s cautious approach to cryptocurrency. Only two entities are currently authorized to operate under the SERC’s FinTech Regulatory Sandbox program. Regulators prohibit these licensed platforms from facilitating the exchange of digital assets for fiat currencies, including the Cambodian riel and US dollars.\nThis move comes despite Binance’s partnerships in Cambodia. In 2022, Binance signed a memorandum of understanding with SERC to assist in developing digital currency regulations. Binance has also collaborated with the Royal Group, a leading Cambodian conglomerate, and trained Interior Ministry officials to detect crypto-related crimes earlier this year.\n\n“We are aware of recent developments in Cambodia and we are closely monitoring the evolving situation. At present, multiple overseas cryptocurrency platforms’ websites appear to be inaccessible, including Binance. Binance remains dedicated to cooperating with local authorities, fostering a compliant environment, and supporting the development of blockchain technology,” A Binance spokesperson told BeInCrypto\n\nCrypto Paradox in Cambodia\nCambodia’s regulatory measures come amid increasing scrutiny over its role as a hub for crypto scams and cybercrime. The UN Office on Drugs & Crime has flagged the country as a hotspot for illicit activities, including money laundering and dark web transactions facilitated through cryptocurrencies. \nCriminal syndicates tied to Chinese gambling and fraud networks have trafficked around 30,000 individuals to Cambodia and neighboring Myanmar. Criminals coerce these victims into creating fake profiles and orchestrating scams, including fraudulent cryptocurrency schemes, under severe duress.\n\n“Huione Guarantee, an online marketplace tied to the Cambodian conglomerate, Huione Group, has recently been exposed as a significant player in facilitating cybercrimes. Our coverage of the service is much larger than previously reported — we identified that the platform has processed more than $49 billion in cryptocurrency transactions since 2021,” Chainalysis found.\n\nMany of these activities are linked to Sihanoukville, a city notorious for illegal online gambling operations. Cambodia banned such activities in 2020 following pressure from Beijing, but remnants of the underground economy persist. \nThe Chainalysis report revealed billions in pig butchering operations tied to Huione Guarantee. This finding intensified global concerns about Cambodia’s regulatory and enforcement framework for cryptocurrency activities.\nDespite its crackdown on exchanges, Cambodia remains a significant player in the global crypto terrain. Cambodia ranks in the top 20 for retail crypto usage per capita, with 70% of transactions via centralized exchanges. Statista expects the Digital Assets market in Cambodia to generate $8 million in revenue in 2024, though growth may slow by 2025.\nDigital Asset Market Growth Cambodia. Source: Statista.\nThe government has embraced digital financial innovation through the Bakong payments system, which processed 200 million transactions in 2023. Yet, cryptocurrency remains officially prohibited while thriving unofficially through peer-to-peer markets and platforms like Huione Guarantee.\nThe Cambodia Fintech Development Policy outlines plans for a comprehensive regulatory framework for digital assets and decentralized finance systems. These measures aim to address financial crimes and support a more organized digital economy in the years ahead.\nCrypto Crackdowns Elsewhere\nCambodia’s actions are part of a global trend. In September 2024, German authorities shut down 47 crypto exchanges over money laundering allegations. They cited anonymous transactions without proper KYC protocols. \nIn November 2024, the UK’s Financial Conduct Authority introduced a “roadmap” for stricter crypto regulations. These include capital requirements and insider trading rules, which are expected to be implemented by 2026.\nMeanwhile, Coinbase continues to face significant challenges in the US. In June 2023, the SEC charged Coinbase with operating as an unregistered securities exchange, broker, and clearing agency. \nCoinbase sought to dismiss the case, but a New York court denied this motion in March 2024. The SEC’s allegations were allowed to proceed. Coinbase’s regulatory battles underscore the broader uncertainties facing crypto exchanges in the US\nAs countries ramp up enforcement measures, the crypto industry faces a crucial inflection point. Striking a balance between innovation and compliance will determine the trajectory of digital assets in markets like Cambodia, Germany, the UK, and the US. For now, crypto players must navigate an increasingly fragmented and challenging regulatory environment.\n\n\n\n\n🎄Best crypto platforms in Europe | December 2024\n\n\n\neToro\nExplore\n                      \n\n\n\n\n\nCoinrule\nExplore\n                      \n\n\n\n\n\nCoinbase\nExplore\n                      \n\n\n\n\n\nUphold\nExplore\n                      \n\n\n\n\n\n3Commas\nExplore\n                      \n\n\n\n\n\n\n\n\n🎄Best crypto platforms in Europe | December 2024\n\n\neToro\n\n\n\n\n\n\n\n\nCoinrule\n\n\n\n\n\n\n\n\nCoinbase\n\n\n\n\n\n\n\n\nUphold\n\n\n\n\n\n\n\n\n3Commas","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2488991295"}