Nikolas Sargeant
The US Treasury Department has proposed cutting the Cambodia-based Huione Group off from the American banking system, citing its alleged involvement in laundering billions of dollars in cryptocurrency tied to cybercrime.
In a proposal issued on May 1, the Treasury’s Financial Crimes Enforcement Network (FinCEN) recommended banning US financial institutions from opening or maintaining correspondent or payable-through accounts for the Huione Group or its affiliates.
US Treasury Secretary Scott Bessent described Huione as the “marketplace of choice for malicious cyber actors,” accusing the group of facilitating operations by North Korea’s notorious Lazarus Group, which has stolen billions in crypto assets. “Today’s proposed action will sever Huione Group’s access to correspondent banking, degrading these groups’ ability to launder their ill-gotten gains,” Bessent said.
Huione operates a web of financial and digital platforms, including Huione Pay PLC, crypto exchange Huione Crypto, and Haowang Guarantee—a service described as a marketplace for illicit goods and services. FinCEN noted that while Huione lacks direct US banking ties, it maintains accounts with foreign financial firms that hold US correspondent accounts, creating indirect access.
Huione Accused of Powering Global Cybercrime and Laundering Billions
According to FinCEN, Huione has laundered over $4 billion in illicit funds between August 2021 and January 2025. This includes over $36 million tied to crypto “pig butchering” scams, and $37 million linked directly to North Korean-backed cyber heists.
The Treasury claims Huione has enabled the full cycle of laundering crypto proceeds—converting illicit digital assets into fiat currency through platforms like Haowang Guarantee. Additionally, the group launched its own stablecoin, the US Dollar Huione (USDH), which is pegged to the US dollar but cannot be frozen, further complicating enforcement efforts.
The National Bank of Cambodia took action earlier this year, revoking Huione's local license and emphasizing that digital asset trading is prohibited by payment service providers within the country.
The proposed rule will undergo a 30-day public comment period before it can be finalized.
