The US Treasury’s Financial Crimes Enforcement Network (FinCEN) has put forth a proposal to block Cambodia’s Huione Group from accessing the American financial system, as stated in a press release dated May 1 here.
If the proposal is accepted, US financial institutions will be prohibited from opening or maintaining accounts for Huione Group or any affiliated companies.
A major player in facilitating the movement of illicit funds associated with North Korea and transnational crime syndicates in Southeast Asia, Huione Group allegedly played a role in funneling proceeds from cryptocurrency scams, particularly fake investment schemes known as “pig butchering” frauds.
Treasury Secretary Scott Bessent emphasized the necessity of cutting off Huione’s access to global banking services in order to disrupt its ability to launder stolen funds.
He stated:
“Huione Group has become a hub for malicious cyber actors such as the DPRK and criminal organizations, who have siphoned off billions of dollars from ordinary Americans. Today’s proposed action will sever Huione Group’s correspondent banking relationships, hindering these groups’ ability to wash their illicit gains.”
More than $4 billion laundered
FinCEN’s investigation revealed that Huione Group processed over $4 billion in suspicious transactions between August 2021 and January 2025.
Out of this amount, approximately $37 million was allegedly tied to North Korean-linked cyberattacks, $36 million from cryptocurrency investment scams, and nearly $300 million from various online fraud schemes.
A network of companies operated by the group reportedly fulfills different roles in its money laundering activities.
These include Huione Pay, a fiat payment processor; Huione Crypto, a virtual asset service; and Haowang Guarantee, a marketplace dealing in illicit goods and services. The network even introduced its own stablecoin to facilitate transactions across these platforms.
Despite clear evidence of widespread misconduct, Huione entities were found to lack robust anti-money laundering (AML) and know-your-customer (KYC) policies. FinCEN highlighted instances where suspicious transactions went unnoticed, including one incident involving funds linked to a North Korean cyberattack.
The platform appears to operate beyond the bounds of standard oversight or regulations, resembling historical darknet marketplaces like Silk Road.
