Cambodian Casinos Processed $1.07B in Crypto Despite Sanctions
Key Summary
Casinos in Sihanoukville, Cambodia, collected $1.07B in cryptocurrency through September 2026 despite state raids and international sanctions. Blockchain intelligence firm TRM Labs reported that entities tied to US-designated networks absorbed $687M of the total sum. TRON-based USDT constituted 99.9% of the volume as operators actively rotated wallet addresses to evade on-chain monitors.
Key Bullets
- Sihanoukville casinos pulled in $1.07B in crypto between January 1 and September 7, 2026, according to blockchain data firm TRM Labs.
- Entities linked to US Treasury sanctions absorbed $687M of the total inflows despite active government raids on local scam compounds.
- USDT on the TRON network represented 99.9% of all received digital assets due to low fees and high regional liquidity.
- Cambodian authorities revoked 18 casino licenses and suspended nine others on September 8, 2026, following mounting international pressure.
Sihanoukville Casinos Processed Billions in USDT
Casinos in Sihanoukville, Cambodia, received $1.07B in cryptocurrency between January 1 and September 7, 2026, despite a government crackdown on scam compounds and international sanctions against linked networks, according to blockchain intelligence firm TRM Labs. The report confirmed that 34 in-person venues in the coastal city collected the funds during the period. Casinos linked to networks designated by the US Treasury's Office of Foreign Assets Control accounted for $687M of that total. USDT on the TRON blockchain represented 99.9% of all crypto received by the operators.
On-chain investigators at TRM Labs attributed the token preference to low transaction fees, deep liquidity pools, and widespread adoption across Southeast Asia. Cashier desks across the coastal city continue to accept USDT directly and convert the digital assets into physical cash chips with minimal due diligence. Pawnshops and convenience stores also maintain active over-the-counter conversion desks. The physical infrastructure remains operational.
Sanctioned Networks Continue Collecting Digital Assets
Blockchain monitoring records indicate that crypto continued reaching sanctioned casino operators months after US authorities announced their official designations. Entities linked to Xihu Resort Hotel secured $184M between April 23 and September 7, 2026. Operations attributed to Huan Hai Bo Lai International Investment collected another $129M during the exact same timeframe. A gaming facility associated with Jin Bei Group absorbed $9M following the October 2025 designation of the Prince Group.
Monthly crypto inflows dropped from an average of $148M per month between January and May down to $95M across July and August. Inflows to designated casinos fell from $100M monthly to $48M. TRM Labs warned that the apparent contraction might be an illusion. Operators frequently rotate wallet addresses to evade surveillance. Investigators are still mapping newly deployed addresses.
License Revocations Follow Intense International Pressure
Cambodia faces mounting pressure from foreign governments to dismantle illegal online fraud operations and money laundering hubs. The country's anti-scam commission announced on September 8, 2026, that it revoked 18 casino licenses and suspended nine others. The US targeted regional networks in April 2026 by sanctioning Cambodian Senator Kok An along with 28 related entities over alleged involvement in human trafficking and scam center operations.
Local field observations show that several peripheral businesses serving scam compound workers have closed their doors. Casino floors running at full capacity in 2025 now operate well below historical volume thresholds. Enforcement actions have disrupted physical operations. The digital rails keep moving.
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