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4mo ago

U.S. Treasury Targets Cambodia’s Huione Group Over $4 Billion in Illicit Crypto Laundering

FinCEN proposes cutting Huione off from the U.S. financial system, citing its role in laundering funds from North Korean hackers and global cyber scams.

Signage is seen at the United States Department of the Treasury headquarters in Washington, D.C., U.S., August 29, 2020. REUTERS/Andrew Kelly/File Photo
Cambodian flag (Thoeun Ratana/Unsplash)
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Overview

  • The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has designated Cambodia-based Huione Group as a 'primary money laundering concern' under Section 311 of the Patriot Act.
  • Between 2021 and 2025, Huione laundered at least $4 billion in illicit proceeds, including $37 million linked to North Korean cyber heists and $36 million from crypto scams.
  • Huione’s subsidiaries, including Huione Pay PLC and Huione Crypto, allegedly facilitated transactions without proper anti-money laundering or know-your-customer protocols.
  • The proposed rule would prohibit U.S. financial institutions from maintaining correspondent accounts for Huione, aiming to disrupt its ability to move illicit funds.
  • Blockchain analytics firm Elliptic reports Huione processed $98 billion in crypto since 2014 and recently launched its own stablecoin, USDH, to evade regulatory controls.