A Southeast Asian country continues its rigorous policy against cryptocurrency platforms as it hampered access to digital asset exchanges. Regulatory officials in Cambodia imposed an iron hand against cryptocurrency players by blocking access to 16 crypto exchanges which include some of the popular firms such as Coinbase and Binance.
Cambodia Crypto Crackdown
Government officials in Cambodia kept on with their unwavering campaign to stop the activities of unregulated crypto in the country, dealing a huge blow against these unlicensed digital asset firms.
Cambodia blocks access to 16 crypto exchange websites https://t.co/CYILxRKj1a
— Nikkei Asia (@NikkeiAsia) December 3, 2024
The Telecommunication Regulator of Cambodia (TRC) suspended 16 bitcoin exchange websites for breaking state licensing rules. Among those affected by this government crackdown are corporate leaders such Binance, Coinbase, and OKX.
The Cambodian regulatory office implemented restrictions on these crypto exchanges because they lack proper licensing from the Securities and Exchange Regulator of Cambodia (SERC).
However, only the websites of these platforms are blocked. Investors can still access crypto firm’s mobile apps. Analysts are questioning the efficiency of the restrictions since users can still have a way to go around the government’s ruling.
Total crypto market cap as of Dec. 3, 2024 at $3.37 trillion: TradingView.com
Crypto Exchanges Have Been Warned
The SERC said that the actions against these unlicensed crypto firms are part of the government’s effort to regulate the growing digital asset market.
State authoritie
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Author: Christian Encila
