Despite the sanctions, cryptocurrency continued flowing to wallets associated with the casino networks. Between April 23 and September 7, TRM attributed $184 million in inflows to entities linked to the Xihu casino and another $129 million to entities linked to Huan Hai.
Frequent wallet changes limited comparisons with 2025 for most casinos. Huan Hai’s inflows reached $264 million through September 7, compared with $90 million during the same period in 2025. However, TRM cautioned that its different clientele limited comparisons with smaller casinos.
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Casino Inflows Fall as $USDT Conversions Continue Across the City
Cambodia’s anti-scam commission said on September 8 that authorities had revoked 18 casino licenses and suspended nine. Monthly inflows across the tracked casinos averaged $148 million from January through May, then fell to about $95 million in July and August.
Establishments linked to designated networks accounted for most of that decline, with monthly receipts falling from roughly $100 million to $48 million. TRM warned that operators’ moves to newly unidentified wallets could make the decline appear larger than it was.
On the ground, exchange shops, restaurants and convenience stores had closed or reduced services. Operators described casino floors operating well below 2025 capacity. However, TRM observed casinos accepting $USDT at cashier desks and converting it into chips and U.S. dollars with limited customer due diligence.
Beyond casinos, hotels, phone shops, pawnshops, and exchange counters continued offering cryptocurrency conversions. Some advertised “$USDT Exchange” openly, while others appeared to rely on referrals.
$USDT on TRON accounted for 99.9% of tracked casino inflows. Every cryptocurrency exchange service TRM observed also settled in $USDT. TRM attributed that preference to low fees, deep liquidity, and widespread regional adoption.
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