Cambodia Blocks 16 Crypto Websites but Apps Remain Accessible

Highlights:

• Cambodia has blocked access to 16 major crypto websites including Binance and Coinbase but their apps are still working fine.
• Binance faces growing questions as Cambodia blocks crypto platforms despite its partnerships with local regulators.
• Coinbase now allows users to buy cryptocurrency using Apple Pay making it easier to access digital assets.

Cambodia has blocked access to 16 cryptocurrency exchange websites. This includes big platforms like Binance, Coinbase, and OKX. The directive was issued in November by the Telecommunication Regulator of Cambodia (TRC). The move is part of an effort to regulate the growing but unregulated crypto market within the country.

Cambodia cracks down on crypto exchanges, including Binance, blocking 102 URLs over licensing issues. Despite a 2022 partnership with SERC, Binance's regulatory compliance remains in question.

The country's complex stance on cryptocurrency, combined with decentralized nature,… pic.twitter.com/o49EKb7UXa

— CryptoniteUae (@CryptoniteUae) December 3, 2024

These orders also included 102 domains, mostly associated with online gambling. Despite that, the inclusion of popular crypto platforms came as a surprise to many. However, their mobile apps are functioning while the websites are blocked. The restrictions have triggered questions about whether they are effective.

The country is under growing pressure to contain its crypto crime reputation. Criminal groups have exploited cryptocurrencies to commit illegal activities. This issue was recently highlighted by the United Nations Office on Drugs and Crime. The report claims that cryptocurrencies are used for money laundering and dark web transactions in the country.

Licensing Issues Behind the Ban

The Cambodian government blocked the 16 exchange websites due to licensing issues. The Securities and Exchange Regulator of Cambodia (SERC) oversees digital asset regulation. SERC said the blocked platforms lacked proper licenses.

The move by the TRC comes despite the fact that Binance has already partnered with Cambodian regulators. In 2022, Binance entered into an agreement with the SERC to work on developing crypto rules. Additionally, it trained Cambodian officials in identifying crypto crimes earlier this year.

Only two companies have licensed operations under Cambodia’s FinTech Regulatory Sandbox program at present. This gives the firms the power to trade and transfer digital assets but not the ability to convert them into fiat currency. This limits the practical use of licensed digital assets.

The Role of Binance in Cambodia Raises Questions

The role of Binance in Cambodia continues to attract attention. Despite the restrictions, Binance remains a major part of the country’s crypto ecosystem. Regulators have worked closely with the company to create digital currency policies. In mid-2023, Binance trained Cambodian officials on crypto crime detection. However, this cooperation has not exempted the platform from the recent ban.

Cambodia’s partnerships appear to conflict with its approach to crypto regulation. Observers have questioned the rationale behind blocking platforms while they have prior agreements with them. The ongoing restrictions will make it hard for Cambodia to attract crypto investments.

Coinbase Integrates with Apple Pay

At the same time, Coinbase has rolled out a major upgrade to its services. The company integrated Apple Pay into its Onramp platform. Onramp, formerly known as Coinbase Pay, simplifies buying cryptocurrencies.

Coinbase Integrates Apple Pay 🍎💳➡️💰#Coinbase #ApplePay #CryptoPayments #DigitalWallet pic.twitter.com/ocZgr0XqeA

— Live BTC News (@LiveBTCNews) December 3, 2024

The integration allows users to buy cryptocurrencies with Apple Pay. This feature presents an easy way to convert fiat money to digital assets seamlessly. Now, millions of iPhone users can access cryptocurrency quite easily.

Apple Pay provides a secure and familiar payment method. Users can quickly complete transactions without additional steps required. This improvement removes a lot of barriers that have prevented cryptocurrency adoption. However, the move by Cambodia to block the websites of 16 exchanges is a step back to crypto adoption.