Huione Group, a Cambodian conglomerate linked to the largest illegal online marketplace, can be cut off from the American financial system under a new proposal for the treasury.
According to a May 1 announcement From the US Department of Financial Crimes Enforcement Network (FINCEN) of the Treasury, the Huione Group agency wants to label as a “primary money white
The proposed rule of Fincen would prevent our financial institutions from opening or maintaining a correspondent or affordable accounts for Huione Group.
“Today’s proposed action will break the access from Huione Group to Correspondent Banking, which means that the ability of these groups to break down their unlawfully obtained profit,” said Finance Minister Scott Bessent in a corresponding statement.
Although the company is not directly in the US, Fincen claims that it is reportedly active through foreign companies that do that, which gives indirect access to the American financial system.
Authorities say that this access has enabled to quietly support large cyber criminal operations, including the money laundering of stolen crypto for the notorious Lazarus group of Noord -Korea.
According to the watchdog of the financial crimes, the group reportedly helped with the relocation of at least $ 4 billion in illegal funds between August 2021 and January 2025, with a remarkable part of those funds coupled to online scam, such as pig butchers.
One of the biggest worries is that Huione has built up a vast network of companies that has been designed to support its activities. These include Huione Pay, a payment service company; Huione Crypto, a virtual asset platform; And a controversial marketplace based on telegram that recently renamed a Haowang guarantee.
Fincen also marked Huione’s Stablecoin, USDH, which is linked to the US dollar but is designed in a way that makes it difficult to freeze. Officials believe it is used to bypass supervision and quietly lead illegal funds in Fiat -Spuzuuta.
“Because Huione Group claims that USDH cannot be frozen, this service offers the customers of Huione Group an almost risk -free ecosystem to move or store CVC without the risk of interception or” freezing “through law enforcement,” Finncing in its regulations.
In July 2024, Tether froze nearly $ 30 million in USDT linked to Huoine accounts, which may have led to the launch of USDH.
The Proposed rule is now open for 30 days for public comments before it can come into effect.
In July 2024 Blockchain Forensic Company Elliptic raised red flags around Huione and called it a central hub for Southeast Asian cyber criminals.
The report described the company’s market as the largest of its kind, with thousands of telegram channels that offer money laundering products, SCAM website tools and even human-related services.
The mobile app from the platform was eventually removed from the Google Play Store after criminal accusations in January, but it remains active in the Apple App Store.
