Wed Dec 04 07:10:00 UTC 2024: ## Cambodia’s Crypto Crackdown Stalls: Websites Blocked, Apps Remain Active
**PHNOM PENH** – Cambodia’s efforts to curb its burgeoning, albeit illegal, cryptocurrency market have yielded mixed results. While the government has blocked access to 16 major cryptocurrency exchange websites, including Binance and Coinbase, their mobile applications remain operational, highlighting the challenges of regulating decentralized digital currencies.
The move comes amidst international pressure on Cambodia to address its reputation as a haven for cyber scams. However, the government’s attempts to control the crypto market, which violates a 2017 ban on cryptocurrency transactions, have proven largely ineffective. The decentralized nature of cryptocurrency trading allows it to continue despite website restrictions, while the ban disproportionately impacts established players. The continued availability of mobile apps suggests the government’s efforts face significant hurdles in effectively policing the crypto space. Reports indicate that money changing services involving stablecoins like Tether continue unabated, further demonstrating the limitations of the current regulatory approach.
First Piper 