Three top finance industry bodies on November 12 denied any affiliation with Payeer and other crypto-related platforms, underlining their lack of official recognition in Cambodia.

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

The statement said the associations “are aware [that] some crypto-related platforms, such as Payeer, have been using the name of our [member institutions] without authorisation, and have [claimed entry into] collaboration with some banks and financial institutions [on] payments, deposits and withdrawals, investing and trading in Bitcoin, Ethereum and crypto wallets”.

“All three associations and its members deny this advertisement and confirm no affiliation with Payeer or any cooperation in payments or trading in cryptocurrencies.

“We remind the public that such activities related to crypto transactions – namely Bitcoin, Ethereum, crypto wallets – are not allowed under the prevailing Cambodian laws.

“Therefore, the public should be careful of all these transactions and activities to avoid falling into deception, investment, or trading in unsafe financial instruments, which may lead to losses or damage,” the associations said, inviting the public to share the statement with relatives and friends.

According to Chainalysis, crime involving cryptocurrencies reached an all-time high of $14.0 billion in 2021, up 79 per cent versus $7.8 billion in 2020.

However, the growth of legitimate usage far outpaced the criminal analogue, with total transaction volume across all cryptocurrencies tracked by the blockchain analytics firm rocketing by 567 per cent year-on-year to $15.8 trillion last year.