Blockchain intelligence firm TRM Labs reported that 34 in‑person casinos in Sihanoukville, Cambodia, received roughly $1.07 billion in cryptocurrency between January 1 and September 7, 2026. The majority of the funds, $687 million (64 %), went to casinos linked to networks designated by the U.S. Treasury’s Office of Foreign Assets Control (OFAC).
Sanctions and Continued Flows
TRM Labs identified ongoing crypto transfers to sanctioned operators months after the designations were announced. From April 23 to September 7, entities tied to Xihu Resort Hotel received $184 million, while those linked to Huan Hai Bo Lai International Investment obtained $129 million. A casino associated with Jin Bei Group recorded $9 million after the October 2025 designation of the Prince Group.
Monthly Trends
Average monthly inflows fell from $148 million (January‑May) to about $95 million in July and August. Inflows to designated casinos dropped from roughly $100 million per month to $48 million. TRM Labs cautioned that these declines may be understated because casino operators frequently change wallet addresses, complicating tracking.
Dominance of USDT on TRON
USDT on the TRON blockchain accounted for 99.9 % of all crypto received by the casinos. The preference is attributed to low transaction fees, strong liquidity, and widespread adoption in Southeast Asia.
On‑Ground Activity
Field observations indicate that the local crypto‑to‑cash ecosystem remains active. Casinos accept USDT at cashier desks, converting it into chips and U.S. dollars with minimal customer due diligence. Pawnshops, convenience stores, hotels, phone shops and exchange counters also provide crypto‑to‑cash services.
Regulatory Actions
On September 8, 2026, Cambodia’s anti‑scam commission revoked 18 casino licenses and suspended nine others. Earlier, in April 2026, OFAC sanctioned Cambodian Senator Kok An and 28 related individuals and entities for alleged involvement in scam center operations that defrauded Americans. Despite these measures, TRM Labs noted that crypto flows to casinos linked to designated networks have persisted.
Broader Context
Local observations suggest a broader slowdown in Sihanoukville, with several businesses serving scam‑compound workers closing or reducing operations and casino floors operating below capacity compared with 2025.
