Cambodia’s Casino Crackdown Hasn’t Stopped $1.07 Billion in Crypto Flows

Casinos in Sihanoukville, Cambodia, obtained round $1.07 billion in cryptocurrency between January 1 and September 7, 2026, regardless of a authorities crackdown on rip-off compounds and worldwide sanctions towards linked networks, in line with blockchain intelligence agency TRM Labs.

The report mentioned 34 in-person casinos in the coastal metropolis obtained the funds throughout the interval. Casinos linked to networks designated by the US Treasury’s Office of Foreign Assets Control (OFAC) accounted for $687 million, or 64% of the whole.

US Sanctions, Closures and Raids

TRM Labs found that crypto continued to succeed in sanctioned on line casino operators months after the US authorities introduced their designations. From April 23 to September 7, entities linked to Xihu Resort Hotel obtained $184 million. Entities attributed to Huan Hai Bo Lai International Investment obtained one other $129 million throughout the identical interval. A on line casino related to Jin Bei Group obtained $9 million after the October 2025 designation of the Prince Group and associated entities.

Despite the continued flows, month-to-month crypto inflows seem to have declined. Casinos obtained a median of $148 million per thirty days between January and May. The quantity fell to round $95 million in July and August. Inflows to designated casinos dropped from a median of $100 million per thirty days to about $48 million.

But TRM Labs believes that the decline might not mirror the total image. Casino operators regularly change pockets addresses, which makes it tougher to trace their transactions. Some funds might now be transferring by wallets that investigators have but to establish.

The report additionally discovered that USDT on the TRON blockchain accounted for 99.9% of all crypto obtained by the casinos. TRM linked the choice to low transaction charges, robust liquidity, and widespread adoption throughout Southeast Asia.

Field observations additionally counsel that the town’s crypto-to-cash community stays energetic. Casinos proceed to just accept USDT at cashier desks and convert it into chips and US {dollars}, with little obvious buyer due diligence. Pawnshops, comfort shops, resorts, cellphone retailers and change counters additionally provide crypto-to-cash providers.

This exercise continues regardless of indicators of a broader slowdown in Sihanoukville. TRM reported that a number of companies serving rip-off compound employees have closed or lowered operations. Casino flooring that had been busy in 2025 are additionally operating under capability, in line with native observations.

Casino License Revocations

Cambodia has confronted rising stress to dismantle rip-off operations linked to on-line fraud and cash laundering. On September 8, 2026, the nation’s anti-scam fee introduced that it had revoked 18 on line casino licenses and suspended 9 others. The US has additionally focused networks related to the sector. In April 2026, OFAC sanctioned Cambodian Senator Kok An and 28 associated people and entities over alleged involvement in rip-off heart operations that defrauded Americans.

TRM Labs mentioned the newest figures point out that enforcement motion has not stopped crypto flows to casinos linked to designated networks.

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