National Bank of Cambodia Crypto Ban: What’s Really Happening in 2026

People still talk about a "crypto ban" in Cambodia, but that’s not what’s really going on. If you think the National Bank of Cambodia shut down cryptocurrency completely, you’re working with outdated info. The truth is more complicated - and more interesting. In late 2024, the NBC blocked access to Binance, Coinbase, and over 100 other offshore exchanges. That looked like a ban. But by January 2025, they dropped a new regulation that didn’t outlaw crypto - it regulated it.

It Was Never a Full Ban

The November 2024 website blocks made headlines. Suddenly, Cambodians couldn’t load Binance. Thousands of users were locked out. Binance alone had 200,000 registered accounts in Cambodia at the time. The move felt like a crackdown. But the NBC wasn’t trying to kill crypto. They were trying to control it.

The real shift came with Prakas B7-024-735 Prokor, issued on December 26, 2024, and effective in early 2025. This wasn’t a ban. It was a rulebook. It split crypto into two groups. Group 1 includes tokenized securities and approved stablecoins - digital assets backed by real value. Group 2 is everything else: Bitcoin, Ethereum, Dogecoin - the speculative stuff. And here’s the key: banks are still allowed to handle Group 1 assets, but only with NBC approval and strict limits. They’re not allowed to hold Group 2 assets on their own balance sheets. But they can still help customers trade them.

That’s not a ban. That’s a gate. The NBC built a fence around crypto, not a wall.

Who Can Still Offer Crypto Services?

You won’t find Binance or Kraken operating legally in Cambodia anymore. But you can find two local platforms: Royal Group Exchange (RGX) and Cambodian Network Exchange (CNX). These are the only two crypto platforms officially licensed under the NBC’s FinTech Regulatory Sandbox. They’re the only ones allowed to run exchanges, custody wallets, and on-ramp services inside Cambodia.

Why only two? Because the NBC wants to keep a close eye on them. Offshore exchanges are invisible. They don’t answer to Cambodian law. They don’t report suspicious transactions. They don’t care if you’re using crypto to launder money from a scam compound. The NBC knows this. That’s why they forced users toward these two domestic platforms - ones they can audit, inspect, and shut down if needed.

Commercial banks like ACLEDA, Sathapana, and Canadia Bank are now allowed to offer crypto services too - but only as intermediaries. They can help you convert riel to USDT. They can hold your Bitcoin in a secure wallet. They can even let you trade it. But they can’t buy Bitcoin for themselves. They can’t trade it for profit. They can’t put it on their balance sheet. They’re acting as your agent, not their own trader.

This distinction matters. It’s the difference between being a bank that trades crypto and a bank that helps you trade crypto. The law only bans the first.

Why Did They Do This?

Three big reasons. First, control. Cambodia has a long history of financial chaos - money laundering, fraud, and unregulated gambling. Crypto became a tool for criminals. In October 2024, the U.S. Department of Justice indicted Prince Group for running forced labor camps in Cambodia that ran crypto scams. These weren’t small operations. They were industrial-scale fraud rings. The NBC couldn’t ignore that.

Second, the Bakong system. Launched in 2020 with help from Japan, Bakong is Cambodia’s own digital payment network. It’s not a cryptocurrency. It’s a blockchain-based system that lets people send money directly between bank accounts using their phones. Over 65% of the population uses it. It’s built to strengthen the Cambodian riel - not replace it with Bitcoin. The NBC sees crypto as competition. If people are using Bitcoin to pay for food or send remittances, they’re bypassing Bakong. And if they’re bypassing Bakong, they’re bypassing the riel. That’s a threat to monetary sovereignty.

Third, money laundering. Cambodia’s financial system has been under international scrutiny for years. The Financial Action Task Force (FATF) has flagged the country multiple times. Crypto exchanges without KYC rules made it worse. The NBC’s move was partly about meeting global standards - not just protecting the riel, but protecting Cambodia’s reputation.

What’s Still Banned?

Here’s what you still can’t do legally in Cambodia:

• Use any offshore exchange (Binance, Coinbase, KuCoin, etc.) - access is still blocked by the Telecommunications Regulator.
• Hold Bitcoin or other unbacked crypto on a bank’s balance sheet.
• Run a crypto exchange without NBC licensing.
• Use crypto to evade taxes or launder money.

What you can do:

• Use RGX or CNX to buy, sell, or store crypto.
• Use your bank to convert riel to USDT or another approved stablecoin - if they’re approved to offer it.
• Hold crypto in your own wallet - as long as you’re not using an illegal platform to get it.

The ban isn’t on owning crypto. It’s on using unregulated platforms to get it.

Is the Ban Working?

Not perfectly. VPN usage is up. People still access Binance through proxies. Some even use peer-to-peer (P2P) trading with cash deposits. But the game has changed. The NBC made it harder, slower, and riskier.

Before 2024, you could sign up for Binance in 2 minutes. Now, if you want to trade crypto legally, you have to go through RGX or CNX. Their interfaces are clunkier. Their fees are higher. Their customer service is slower. But they’re legal. And if you get caught using an offshore exchange, you could face fines - or worse, if you’re involved in a scam operation.

The real test is whether RGX and CNX can compete. Right now, they’re struggling. Binance had low fees, deep liquidity, and a global user base. RGX? It’s new, small, and lacks the tools serious traders want. But the NBC isn’t in a hurry. They’re building for the long term. They want crypto to be safe, not sexy.

What’s Next?

The next phase is coming. The NBC hasn’t released the full licensing rules for Crypto Asset Service Providers (CASPs) yet. That’s expected in mid-2026. Once they do, more companies might get licensed - maybe even payment apps or fintech startups.

Stablecoins are the real opportunity. If a bank can offer a riel-backed stablecoin tied to Bakong, it could become the new digital currency for everyday use. Imagine sending money to a family member in Phnom Penh using a stablecoin that’s always worth 1 riel - no volatility, no exchange rate risk. That’s the vision.

Bitcoin? It’s not going away. But it’s becoming a niche asset - something for speculators, not shoppers. The NBC doesn’t want to ban it. They just want it out of the mainstream.

What Should You Do?

If you’re in Cambodia and you want to trade crypto:

• Use RGX or CNX. They’re the only legal options.
• Don’t use a VPN to access Binance. It’s risky, and you’re breaking the law.
• If your bank offers crypto services, ask for details. Ask what assets they support and what fees they charge.
• Don’t trust anyone promising "guaranteed returns" in crypto. Cambodia’s scam scene is still active.

If you’re outside Cambodia and thinking about investing in Cambodian crypto projects? Wait. The ecosystem is still too new. The infrastructure is fragile. The rules are still being written.

Final Thought

Cambodia didn’t ban crypto. It took control of it. That’s not the same thing. Other countries - like Nigeria, India, or even the U.S. - are still arguing about whether crypto should be allowed. Cambodia already decided: it’s allowed, but only if we’re the ones in charge.

This isn’t a failure of regulation. It’s a different kind of success. One that’s slow, cautious, and focused on protecting ordinary people - not stopping innovation.