Casinos in Sihanoukville, Cambodia, acquired 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 in opposition to linked networks, in line with blockchain intelligence agency TRM Labs.
The report mentioned 34 in-person casinos within the coastal metropolis acquired the funds in the course of the interval. Casinos linked to networks designated by the US Treasury’s Workplace of Overseas Property Management (OFAC) accounted for $687 million, or 64% of the entire.
US Sanctions, Closures and Raids
TRM Labs discovered 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 Resort acquired $184 million. Entities attributed to Huan Hai Bo Lai Worldwide Funding acquired one other $129 million throughout the identical interval. A on line casino related to Jin Bei Group acquired $9 million after the October 2025 designation of the Prince Group and associated entities.
Regardless of the continued flows, month-to-month crypto inflows seem to have declined. Casinos acquired a mean of $148 million per thirty days between January and Might. The quantity fell to round $95 million in July and August. Inflows to designated casinos dropped from a mean of $100 million per thirty days to about $48 million.
However TRM Labs believes that the decline could not replicate the complete image. On line casino operators regularly change pockets addresses, which makes it tougher to trace their transactions. Some funds could now be transferring by wallets that investigators have but to determine.
The report additionally discovered that USDT on the TRON blockchain accounted for 99.9% of all crypto acquired by the casinos. TRM linked the desire to low transaction charges, robust liquidity, and widespread adoption throughout Southeast Asia.
Subject observations additionally recommend 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, motels, telephone outlets and trade counters additionally provide crypto-to-cash companies.
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. On line casino flooring that had been busy in 2025 are additionally working under capability, in line with native observations.
On line casino License Revocations
Cambodia has confronted rising strain 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 linked 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 Individuals.
TRM Labs mentioned the most recent figures point out that enforcement motion has not stopped crypto flows to casinos linked to designated networks.
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