TRM Labs reports $1.07bn in cryptocurrency received by Sihanoukville casinos
Enforcement & compliance2 min read
In brief
- TRM Labs reported about $1.07bn in cryptocurrency reached 34 Sihanoukville casinos between 1 January and 7 September 2026.
- Casinos linked to US Treasury-sanctioned networks accounted for $687m, or 64%.
- Cambodia's Anti-Fraud Commission said on 8 September 2026 it had revoked 18 casino licences.
Casinos in Sihanoukville, Cambodia, received around $1.07bn in cryptocurrency between 1 January and 7 September 2026, according to blockchain analytics company TRM Labs. The report said 34 land-based casinos in the coastal city received the funds in that period. Casinos linked to networks sanctioned by the US Treasury accounted for $687m, or 64% of the total.
TRM Labs found that cryptocurrency kept reaching sanctioned casino operators months after US authorities announced their sanctions. Entities linked to the Xihu Resort Hotel received $184m between 23 April and 7 September. Entities attributed to Huan Hai Bo Lai International Investment received a further $129m in the same period. A casino linked to the Jin Bei Group received $9m after the sanctioning of the Prince Group and related entities in October 2025.
Monthly inflows appear to have fallen, according to the report. Casinos received an average of $148m a month between January and May, a figure that fell to about $95m in July and August. Inflows to sanctioned casinos dropped from an average of $100m a month to about $48m. TRM Labs said the decline may not reflect the full picture. It said casino operators often change wallet addresses, which makes their transactions harder to trace, and some funds may now pass through wallets that investigators have not yet identified.
USDT on the TRON blockchain made up 99.9% of all cryptocurrency the casinos received, according to the report. TRM attributes this preference to low transaction fees, high liquidity and wide acceptance in Southeast Asia. Field observations also suggest the city's crypto-to-cash network remains active. Casinos continue to accept USDT at cashier desks and convert it into chips and US dollars, with little visible customer screening. Pawnshops, convenience stores, hotels, phone shops and currency exchanges also offer crypto-to-cash services.
TRM reported that several businesses serving scam compound workers have closed or reduced their operations. According to local observations, casino floors that were busy in 2025 are also running below capacity.
On 8 September 2026, Cambodia's Anti-Fraud Commission announced that it had revoked 18 casino licences and suspended nine others. In April 2026, the US Treasury sanctioned Cambodian senator Kok An and 28 related individuals and entities over alleged involvement in scam centres that defrauded Americans. TRM Labs said the latest figures suggest enforcement measures have not stopped crypto inflows to casinos linked to sanctioned networks.