U.S. Moves to Cut Off Cambodia’s Huione Group from Crypto-Fueled Financial Crimes

May 7, 2025 12:01 pm Cryptocurrency 175

Key Takeaways:

FinCEN designates Cambodia-based Huione Group as a primary money laundering concern.

Huione is accused of enabling North Korean hackers and major crypto scams like pig butchering.

The U.S. proposes banning financial institutions from working with Huione to block illicit crypto flows.

The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) is taking unprecedented steps to sever Huione Group, a Cambodia-based financial entity, from the U.S. financial system. The move comes amid mounting evidence of Huione’s critical role in laundering billions in cryptocurrency, often linked to North Korean hackers and transnational scam networks.