Current procedure in Cambodia blocks 16 crypto exchanges
Current procedure in Cambodia blocks 16 crypto exchanges
- Cambodia has tightened its regulatory measures for digital assets.
- It imposed a ban on 16 popular cryptocurrency exchange platforms.
Binance is the world's largest cryptocurrency exchange according to the commercial volume and global user number, while Coinbase is the largest crypto tour based in the USA.
Cambodia's hard procedure against non -registered stock exchanges
In order to regulate the cryptor room, the Cambodian government requires the stock exchanges to obtain a legal license from the country's security and stock exchange supervisory authority, which the said stock exchanges have failed.
The Cambodian regulatory authority for telecommunications indicated that the 102 banned websites were connected to online gaming online. Fairly heard Binance, which had signed a partnership with the Cambodian authorities in 2022, one of those whose websites are no longer accessible after the TRC ban.
Despite this ban, most mobile apps of the forbidden stock exchanges remain functional.
The National Bank of Cambodia prohibited the use of cryptocurrencies in 2017, although the citizens continued to play and the said digital assets exchanged online. The most recent ban, such as Nikkei Asia Exchange the licenses required by TRC are missing.
Despite the emerging development, stock exchanges and other platforms play a major role in the development of the country's growing economy for digital assets
Binance presence in Cambodia
Binance signed an agreement with SERC in 2022 to support the digital assets of Cambodia. The stock exchange went one step further to consolidate its presence in the country with a partnership with the conglomerate Royal Group.
Binance belongs to several stock exchanges that were also confronted with a similar scenario as that about which was reported in Cambodia at the beginning of the year.
In January 2024, Indian authorities banned several platforms because they had not registered.
This happened a few days after the Indian Financial Intelligence Unit had pushed to remove stock exchange apps from several crypto exchanges from the Apple App Store and Google Play Store. It was not until August 2024 Binance officially entered the Indian market again and paid a penalty of $ 2 million.
Source: Coinlist.me