34 physical casinos in Sihanoukville, Cambodia received about US$1.07 billion in cryptocurrency
TRM Labs data says that during the period from January 1, 2026 to September 7, 2026, 34 physical casinos in Sihanoukville, Cambodia received a total of about US$1.07 billion in cryptocurrency. Of that, 64% of the funds, or about US$687 million, went to casinos linked to networks sanctioned by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC). 99.9% of the funds were transferred in USDT on the TRON blockchain. Three casino entities associated with the relevant network continued to receive more than US$320 million after the sanctions took effect.
Monthly inflows fell from an average of about US$148 million per month from January to May to about US$95 million in July and August, but did not stop completely. TRM Labs said these casinos exchanged USDT for cash, and some casinos conducted almost no necessary due diligence on customers; operators frequently changed wallets, making tracking more difficult. Pawnshops, supermarkets and exchange counters throughout the city also provided cryptocurrency-to-cash exchange services. The data came amid Cambodia's continuing crackdown on scam compounds.
Original sources:
Title: TRM Labs Says 34 Sihanoukville Casino Entities Received $1.07B in Crypto Publisher: TokenPost (Riza Dagoc) Publication date: 2026-10-30 URL: https://www.tokenpost.com/news/regulation/45267 Source type: media report Verification: full text read in this session, accessed on 2026-10-30/31 Supporting content: details including the 34 physical casinos receiving about US$1.07 billion, 64% (about US$687 million) flowing to casinos linked to OFAC-sanctioned networks, 99.9% transferred as TRON USDT, three entities receiving more than US$320 million after sanctions, and continued crypto-to-cash services plus insufficient due diligence
Title: TRM: 34 casinos in Cambodia received $1.07 billion in cryptocurrency assets... Publisher: ChainCatcher Publication date: 2026-10-31 URL: https://www.chaincatcher.com/en/article/2300572 Source type: media report Verification: summary read in this session, accessed on 2026-10-31 Supporting content: core figures consistent with TokenPost, monthly inflow changes, and the description of USDT being exchanged for cash
ABAB AI Insight
TRM Labs is a blockchain intelligence and anti-money-laundering analytics firm. Its data tracing shows that casinos in Sihanoukville continued to receive large-scale crypto funds while Cambodia was officially cracking down on scam compounds. OFAC had previously sanctioned multiple networks and individuals related to Cambodia's scam centers and casinos, including entities involved in digital asset investment fraud. The 64% of funds flowing to affiliated casinos, together with more than US$320 million still flowing in after the sanctions took effect, indicate that the sanctions had limited effectiveness in blocking some funding paths.
Nearly all of the funds were transferred in TRON USDT, which fits the pattern in which stablecoins dominate illicit fund settlement in the Asia-Pacific region. TRON's low fees and high liquidity make USDT a common tool for large cross-border transfers. The casinos exchanging crypto assets for cash, along with insufficient due diligence, and pawnshops, supermarkets and exchange counters providing similar services, form localized crypto-to-fiat channels. Operators frequently changing wallets further increases the difficulty of on-chain tracing.
Compared with earlier OFAC sanctions targeting specific scam networks, this data covering aggregate inflows to 34 physical casinos shows that the problem is industry-wide rather than limited to a single entity. Monthly inflows fell from an early-year high but did not cease, suggesting that enforcement measures may have slowed some activity but did not eliminate underlying demand. If more Southeast Asian casinos and exchange points are identified as continuing to receive funds linked to sanctioned networks, regulators and law enforcement agencies may pay greater joint attention to local fiat off-ramps and on-chain clusters. A key indicator to watch is whether OFAC or other jurisdictions take further action against these casino entities or related exchange services, and whether inflows continue to decline in TRM's subsequent reports.
ABAB News · Cognition Law
Sanctioned network-linked casinos can still receive large-scale USDT inflows after sanctions take effect, indicating that the funding path is resilient.
Physical casinos and local exchange points together form a crypto-to-cash channel, and insufficient due diligence increases money-laundering risk.