TLDR
- US Treasury proposed barring Cambodia-based Huione Group from US banking system
- Huione allegedly laundered $4 billion between 2021-2025, including $37 million from North Korean cyber heists
- The group operates multiple businesses including Huione Pay, Huione Crypto, and Haowang Guarantee marketplace
- Cambodia’s National Bank revoked Huione’s banking license in March
- The proposed rule has a 30-day public comment period before taking effect
The US Treasury Department has taken steps to sever Cambodia-based Huione Group from the American financial system. On May 1, 2025, the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed prohibiting US financial institutions from opening or maintaining accounts for the conglomerate.
The action comes after investigations revealed Huione Group’s deep involvement in money laundering operations. Treasury officials claim the company processed approximately $4 billion worth of illicit proceeds between August 2021 and January 2025.
US Treasury Secretary Scott Bessent stated that Huione Group has established itself as the “marketplace of choice for malicious cyber actors” who have “stolen billions of dollars from everyday Americans.” The proposed action aims to cut off Huione’s access to correspondent banking services.
The Huione Group operates a network of businesses that includes payment service platform Huione Pay PLC, cryptocurrency exchange Huione Crypto, and Haowang Guarantee, an online marketplace. FinCEN has labeled this network a “one-stop shop” for criminals looking to launder cryptocurrency gained through illicit activities.
North Korean Connections
According to FinCEN’s investigation, at least $37 million of the laundered funds have been linked to North Korea’s state-sponsored Lazarus Group. These funds reportedly came from various “cyber heists” orchestrated by North Korean hackers.
The investigation also revealed that Huione processed over $36 million from cryptocurrency “pig butchering” scams. These sophisticated investment frauds typically involve building relationships with victims before convincing them to invest in fake opportunities.
Another $300 million reportedly came from various other types of cyber scams. FinCEN alleges that Huione operated with either absent or ineffective anti-money laundering and know-your-customer protocols.
The conglomerate has also created a US dollar-pegged stablecoin called US dollar Huione (USDH). FinCEN claims this token cannot be frozen and helps facilitate money laundering activities.
Regulatory Actions
The National Bank of Cambodia has already taken action against Huione, revoking the company’s local banking license in March. The central bank stated that payment firms aren’t allowed to deal or trade digital assets in the country.
Google also removed Huione Guarantee, a Telegram-based app, in January after an investigation by blockchain analytics firm Elliptic revealed its illicit connections.
Although Huione Group does not directly hold correspondent accounts with US financial institutions, it maintains accounts with foreign firms that do, according to FinCEN’s rulemaking submission.
The Treasury’s proposed rule falls under Section 311 of the Patriot Act, which provides the Treasury Secretary with various options to target specific money laundering and terrorist financing risks. The proposal identifies Huione as a “primary money laundering concern.”
The proposed rule remains open for public comment for 30 days following its publication in the Federal Register before it can take effect.
The Cambodian conglomerate currently has no publicly available email address, making it difficult for media outlets to reach them for comment on these allegations.
