Major financial industry bodies deny crypto links

On November 12, three major financial industry bodies denied any affiliation with Payeer and other crypto-related platforms, pointing to their lack of official recognition in Cambodia.

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

The press release indicates that the associations “are aware [that] some crypto-related platforms, such as Payeer, use the name of our [member institutions] without permission, and have [claimed entry into] collaboration with some banks and financial institutions [on] payments, deposits and withdrawals, investment and trading in Bitcoin, Ethereum and crypto wallets”.

“The three associations and its members deny this publicity and do not confirm any affiliation with Payeer or any cooperation in payments or cryptocurrency trading.

“We remind the public that such activities related to crypto transactions – i.e. Bitcoin, Ethereum, crypto wallets – are not permitted under current Cambodian laws.

“Therefore, the public should be careful with all such transactions and activities to avoid falling into deception, investing or trading in dangerous financial instruments, which may result in loss or damage,” the associations said. , inviting the public to share the statement with family and friends.

According to Chainalysis, crimes involving cryptocurrencies reached an all-time high of $14.0 billion in 2021, up 79% from $7.8 billion in 2020.

However, the growth in legitimate usage far outpaced the criminal analogue, with total transaction volume across all cryptocurrencies tracked by the blockchain analytics firm soaring 567% year-over-year to 15, $8 trillion last year.

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