Logo of Phnom Penh Post newspaper Phnom Penh Post - Top finance industry bodies deny crypto links

Top finance industry bodies deny crypto links

Content image - Phnom Penh Post
Three top finance industry bodies on November 12 denied any affiliation with Payeer and other crypto-related platforms, underlining their lack of official recognition in Cambodia. FACEBOOK

Top finance industry bodies deny crypto links

Three top finance industry bodies on November 12 denied any affiliation with Payeer and other crypto-related platforms, underlining their lack of official recognition in Cambodia.

The Association of Banks in Cambodia (ABC), the Cambodia Microfinance Association (CMA), and the Cambodian Association of Finance and Technology (CAFT) made the remarks in a joint statement.

The statement said the associations “are aware [that] some crypto-related platforms, such as Payeer, have been using the name of our [member institutions] without authorisation, and have [claimed entry into] collaboration with some banks and financial institutions [on] payments, deposits and withdrawals, investing and trading in Bitcoin, Ethereum and crypto wallets”.

“All three associations and its members deny this advertisement and confirm no affiliation with Payeer or any cooperation in payments or trading in cryptocurrencies.

“We remind the public that such activities related to crypto transactions – namely Bitcoin, Ethereum, crypto wallets – are not allowed under the prevailing Cambodian laws.

“Therefore, the public should be careful of all these transactions and activities to avoid falling into deception, investment, or trading in unsafe financial instruments, which may lead to losses or damage,” the associations said, inviting the public to share the statement with relatives and friends.

According to Chainalysis, crime involving cryptocurrencies reached an all-time high of $14.0 billion in 2021, up 79 per cent versus $7.8 billion in 2020.

However, the growth of legitimate usage far outpaced the criminal analogue, with total transaction volume across all cryptocurrencies tracked by the blockchain analytics firm rocketing by 567 per cent year-on-year to $15.8 trillion last year.


  • Tensions high ahead of historic Kun Khmer match up

    The long-awaited November 5 matchup between Kun Khmer legend Prum Samnang and Myanmar-Canadian boxer Dave Leduc has become the most anticipated fight of the year. The Wurkz Sena Kun Khmer promotion, which will be held at the Town Arena at Chip Mong 271 Megamall, will see six

  • Manet: Cambodia safe for travel

    Prime Minister Hun Manet acknowledged that Cambodia and China have cooperated to tackle internet scamming, fraud and other cross border crimes, but insisted that the “Kingdom of Wonders” is completely peaceful and safe. He welcomed tourists to come and explore its rich heritage. During a

  • Kep selected for ‘world-class’ 2.7km beach development

    Kep province has been selected as the first site of a new coastal development initiative, with a “world-class” 2.7km beach planned for the near future. The Kep Provincial Administration met with the National Committee for Coastal Management and Development to discuss the development of the

  • UNESCO formally list Battambang gastronomy

    Battambang, renowned for its cultural heritage, has achieved a significant milestone as the first Cambodian municipality to join the UNESCO Creative Cities Network (UCCN). The UCCN unites nearly 300 cities prioritising creativity and cultural industries in local development plans and international cooperation. On World Cities Day,

  • Angkor causeway symbol of Cambodia-Japan ties

    In a historic moment marking another milestone in the 70-year-long diplomatic relations between Cambodia and Japan, King Norodom Sihamoni celebrated the formal inauguration of a causeway located to the west of the world-renowned Angkor Wat. While presiding over the November 4 ceremony, the King emphasised the

  • Cambodia pivots to solar, wind energy

    Cambodia is planning a move towards solar and wind energy to meet its rising power demands, according to Minister of Mines and Energy Keo Rottanak. On the sidelines of the Singapore International Energy Week event held recently, Rottanak emphasised the urgency of diversifying Cambodia’s