The Financial Crimes Enforcement Network (FINCEN) of the US Treasury has proposed to prohibit the Huione Group from Cambodia to gain access to the American financial system, according to a statement of 1 May.
If approved, the proposed rule would prohibit our financial institutions to open or maintain bills for Huione Group or one of its subsidiaries.
American authorities identified Huione Group as an important player in moving illegal funds related to both North Korea and transnational crime rings in Southeast Asia. Allegedly, the group helped the funnel yields of crypto scams such as fake investment schemes, often called “pig butchers” fraud.
Treasury Secretary Scott Bessent explained that the proposed step was necessary to dismantle the access from Huione to global banking services and to weaken his ability to weaken stolen funds.
He said:
“Huione Group has established itself as the marketplace of choice for malignant cyber actors such as the DVK and criminal syndicates, who have stolen billions of dollars from everyday Americans. Today’s access will break the access of Huione Group to Correspondent Banking, with the ability of these groups to make their sick profit.”
More than $ 4 billion laundered
The Fincen investigation claims that Huione Group processed more than $ 4 billion in suspicious transactions between August 2021 and January 2025.
Of this amount, at least $ 37 million came from North Korean hacks, $ 36 million from crypto investments and almost $ 300 million from other online fraud.
American authorities believe that the group operates a network of companies that play various roles in its money laundering activities.
These include Huione Pay, a Fiat payment processor; Huione Crypto, a virtual assets service; And Haowang Guarantee, a marketplace that deals with illegal goods and services. The network has even issued its Stablecoin to support transactions on these platforms.
Despite public evidence of widespread abuse, Huione entities visible anti-money laundering practices (AML) and knowledge of the Know-Your-Customer (KYC) missed. Fincen noted that Huione was unable to detect suspicious transactions, including a copy in which the unconscious money received that was linked to a North Korean cyber attack.
The platform seems to work outside of typical supervision or regulations, similar to historic DarkNet marketplaces such as Silk Road.