Another set of regulatory hurdles hit the crypto world this week in Cambodia and Turkey. Both countries are tightening control over crypto markets, creating ripple effects for major platforms and users alike.
Key takeaways:
- Cambodian regulator blocks 16 crypto exchanges, including Binance, Coinbase and OKX.
- Coinbase stops servicing customers from Türkiye.
- Bybit stops servicing users from Uzbekistan.
- PrimeXBT receives FCSA license in South Africa.
Cambodia Blocks Binance, Coinbase, and Other Major Crypto Exchanges
Cambodia has taken significant steps to regulate its digital finance sector. The country recently blocked 16 major crypto exchange websites, including industry giants like Binance, Coinbase, and OKX. The Telecommunication Regulator of Cambodia (TRC) enforced this move against platforms operating without a license from the Securities and Exchange Regulator of Cambodia (SERC).
The crackdown doesn’t stop with crypto trading. Authorities targeted 102 domains related to cryptocurrency and online gambling platforms, citing concerns about unlicensed operations.
View all Cambodian crypto exchanges
Cambodia has a mixed relationship with crypto. Despite regulatory hurdles, an estimated 3.33% of the population are involved with cryptocurrency. In 2025, the number of users is expected to increased to 531,0001, out of the country’s total population of 16.9 million. According to the Global Adoption Index2, Cambodia ranks 17th in the world for cryptocurrency adoption. However, illicit activities tied to crypto scams and cybercrime are driving stricter oversight.
Notably, Binance, a leading global crypto exchange, has had partnerships in Cambodia since 2022, collaborating with regulators and local organizations. But even this has not exempted Binance from the new restrictions.
Turkey Faces Crypto Shake-Up as Coinbase Exits
Meanwhile, Coinbase is facing another hurdle in Turkey this week. This key player is pulling out of the market, citing regulatory challenges. The exchange has liquidated its operations and withdrawn its application to operate locally. This decision aligns with similar actions by other major platforms like Binance and OKX, which have scaled back Turkish-language support and marketing in response to stringent rules introduced earlier this year.
Türkiye updated its crypto laws, and it is starting to affect crypto exchanges in a big way. Learn what changes are coming for Turkish users of Binance, OKX, Bybit and other major exchanges.Read Now
In July 2024, Turkey passed new crypto laws requiring foreign platforms to secure local licenses. Unlicensed platforms can no longer promote their services, pushing companies to reconsider their strategies in the region.
Coinbase’s withdrawal also reflects its broader compliance challenges. The platform recently halted yield offerings on USD Coin (USDC) for European users, attributing the move to strict EU regulations.
Despite these regulatory hurdles, Turkey’s crypto market remains one of the largest globally. Earlier this year, OKX launched a localized exchange in Turkey, showcasing the region’s potential for growth amid economic challenges and increasing crypto adoption.
OKX.TR's launch marks a significant milestone in OKX's global expansion strategy, offering Turkish users access to a range of crypto trading pairs. Collaboration with local banks streamlines the onboarding process, providing users with easy access to cryptocurrencies amidst Turkey's economic challenges and increasing crypto adoption.Read Now
Bybit Exits Uzbekistan
In another news, Bybit just announced3 they will soon stop servicing customers from Uzbekistan, citing regulatory developments and legal compliance. Effective December 6, 2024, Uzbek accounts are now in “Close-Only mode”, meaning no new positions can be opened.
Starting January 6, 2025, existing open positions will be forcibly closed, along with any outstanding loans. A day after on January 7th, small balances below withdrawal minimums will be converted to MNT.
No deadline has been given for withdrawals at this point, but a specific date may be announced in the future. In any case, it’s best for users from this country to withdraw their funds as soon as possible. On Cexfinder, we have listed over 20 other crypto exchanges in Uzbekistan, and there are plenty of reliable alternatives.
PrimeXBT Gets Regulatory License in South Africa
The news isn’t all bad, however. A smaller but important exchange PrimeXBT just received a regulatory license in South Africa4. Provided by The Financial Sector Conduct Authority of South Africa (FCSA), this regulatory license gives PrimeXBT permission to provide fully regulated trading and investing services in the country.
For a smaller exchange such as PrimeXBT, local licensing in any jurisdiction is often harder compared to bigger industry players. This regulatory approval is an important step for this exchange which will enable it to expand and grow in South Africa, but also the region.
Edit (Dec 19th): PrimeXBT also added free South African Rand deposits and withdrawals through Capitec Pay, Binance Pay, First National Bank, Absa, African Bank, Bidvest Bank, Discovery Bank, Investec, Nedbank, Standard Bank, and Tyme Bank.
PrimeXBT doesn’t just offer crypto trading services, but also traditional market trading such as stocks and indices, making it an especially attractive platform for local traders. In addition, the regulatory approval lets the platform accept more local payment methods for added convenience.
What These Changes Mean for You
The regulatory shifts in Cambodia and Turkey serve as reminders of how governments are stepping up oversight of the crypto market. For individuals and businesses, this means adapting to changing rules and prioritizing compliance.
In Cambodia, the emphasis on licensing and combating illicit activities highlights the importance of choosing regulated platforms. Meanwhile, in Turkey and Uzbekistan, crypto users need to stay informed about ever-changing regulations and the operational status of major exchanges. And in South Africa, traders have an excellent SAR deposit and withdraw gateway and reliable trading services through PrimeXBT, now a locally regulated exchange.
For all investors, these developments emphasize the need for caution. To ensure uninterrupted access to crypto trading, it’s always important to choose locally licensed platforms and stay informed about ongoing regulations.