The US has proposed a ban on this company.
Accordingly, the Financial Crimes Enforcement Network (FinCEN), affiliated with the US Treasury Department, has suggested that the Cambodia-based Huione Group be banned from entering the US financial system.
FinCEN accused the company of money laundering and having links to North Korean hacker groups that laundered more than $4 billion in illicit money between 2021 and 2025.
It has been stated that Huione has become the preferred market for cryptocurrency criminals.
“Huione Group has been laundering illicit proceeds from cybercrimes for years — namely, cyberheists perpetrated by the Lazarus Group. The network offers a variety of services, from an online marketplace selling products useful for perpetrating cyber fraud, to payment services in fiat and CVC, which are frequently used in money laundering, and a recently developed stablecoin,” FinCEN said in a statement.
FinCEN said $37 million of the $4 billion laundered money was in cryptocurrencies, which were linked to North Korea’s “cyber heists.”
“The proposed action would cut off Huione Group’s access to correspondent banking and reduce their ability to launder their ill-gotten gains,” Treasury Secretary Scott Bessent said in a statement on Thursday.
The National Bank of Cambodia also revoked Huione’s local banking license in March, stating that payment companies are prohibited from transacting or trading digital assets in the country.
*This is not investment advice.
