Catenaa, Friday, May 09, 2025-The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has proposed cutting off Cambodia’s Huione Group from the US financial system due to concerns over money laundering and alleged links to North Korean hackers. The proposed action seeks to sever Huione’s access to correspondent banking, preventing its entities from accessing US financial services.
According to FinCEN, Huione has been involved in laundering illicit funds, including proceeds from cybercrimes.
Specifically, Huione allegedly laundered more than $4 billion between August 2021 and January 2025, with a portion of that tied to assets stolen in North Korean-led cyber heists. The group, which operates crypto trading platforms and online payment services, is said to be a hub for transnational criminal organizations conducting cyber scams and laundering funds.
“Huione Group has acted as a marketplace for cybercriminals,” said Treasury Secretary Scott Bessent. The group’s services include a marketplace for cyber fraud infrastructure, crypto and fiat payment services, and recently developed a stablecoin aimed at circumventing regulatory restrictions.
The proposal also follows a recent United Nations report that branded Huione’s online marketplace, Haowang, a “one-stop-shop” for illicit activities. Public comments on the proposed rulemaking will be accepted for 30 days following publication in the Federal Register.
