US targets Huione Group in crackdown on $4 billion crypto laundering network
The US Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed banning Cambodia’s Huione Group from accessing the American financial system, according to a May 1 statement.
If approved, the proposed rule would prohibit US financial institutions from opening or maintaining accounts for Huione Group or any of its subsidiaries.
US authorities identified Huione Group as a major player in moving illicit funds linked to both North Korea and transnational crime rings in Southeast Asia. The group reportedly helped funnel proceeds from crypto scams such as fake investment schemes, often called “pig butchering” frauds.
Treasury Secretary Scott Bessent explained that the proposed move was necessary to dismantle Huione’s access…
