USDT on TRON accounted for 99.9% of crypto received by Sihanoukville casinos.
Casinos in Sihanoukville, Cambodia, received around $1.07 billion 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 said 34 in-person casinos in the coastal city received the funds during the period. Casinos linked to networks designated by the US Treasury’s Office of Foreign Assets Control (OFAC) accounted for $687 million, or 64% of the total.
US Sanctions, Closures and Raids
TRM Labs found that crypto continued to reach sanctioned casino operators months after the US authorities announced their designations. From April 23 to September 7, entities linked to Xihu Resort Hotel received $184 million. Entities attributed to Huan Hai Bo Lai International Investment received another $129 million during the same period. A casino associated with Jin Bei Group received $9 million after the October 2025 designation of the Prince Group and related entities.
Despite the continued flows, monthly crypto inflows appear to have declined. Casinos received an average of $148 million per month between January and May. The number fell to around $95 million in July and August. Inflows to designated casinos dropped from an average of $100 million per month to about $48 million.
But TRM Labs believes that the decline may not reflect the full picture. Casino operators frequently change wallet addresses, which makes it harder to track their transactions. Some funds may now be moving through wallets that investigators have yet to identify.
The report also found that USDT on the TRON blockchain accounted for 99.9% of all crypto received by the casinos. TRM linked the preference to low transaction fees, strong liquidity, and widespread adoption across Southeast Asia.
Field observations also suggest that 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 apparent customer due diligence. Pawnshops, convenience stores, hotels, phone shops and exchange counters also offer crypto-to-cash services.
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This activity continues despite signs of a broader slowdown in Sihanoukville. TRM reported that several businesses serving scam compound workers have closed or reduced operations. Casino floors that were busy in 2025 are also running below capacity, according to local observations.
Casino License Revocations
Cambodia has faced growing pressure to dismantle scam operations linked to online fraud and money laundering. On September 8, 2026, the country’s anti-scam commission announced that it had revoked 18 casino licenses and suspended nine others. The US has also targeted networks connected to the sector. In April 2026, OFAC sanctioned Cambodian Senator Kok An and 28 related individuals and entities over alleged involvement in scam center operations that defrauded Americans.
TRM Labs said the latest figures indicate that enforcement action has not stopped crypto flows to casinos linked to designated networks.
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