The US Treasury Department’s Financial Crime Enforcement Network (FINCEN) has proposed that Cambodia’s Huione Group ban access to the US financial system, according to a May 1 statement.
If approved, the proposed rules prohibit US financial institutions from opening or maintaining accounts of the Fuione Group or its subsidiaries.
US authorities have identified the Hoione Group as a major player in moving illegal funds related to both North Korea and Southeast Asia’s cross-border crime. The group reportedly concentrated revenues from crypto frauds, such as fake investment schemes, often referred to as “pig slaughter” scams.
Treasury Secretary Scott Becent explained that the proposed move is needed to dismantle Huione’s access to global banking services and undermine its ability to wash stolen funds.
He said:
“The Huione Group has established itself as a market for the choice of malicious cyber actors, such as DPRK and crime syndicates, who stole billions of dollars from everyday Americans. Today’s proposed actions will exacerbate the ability of the Euone Group to cut off correspondents’ access to banks and to exacerbate the capabilities of these groups.”
Over $4 billion has been washed
According to a Fincen investigation, Huione Group claims it processed more than $4 billion in suspicious transactions between August 2021 and January 2025.
Of this amount, at least $37 million reportedly came from North Korea-related hacks.
US officials believe the group operates a network of companies that play different roles in the laundry business.
These include Huione Pay, a Fiat payment processor. Huione Crypto, virtual asset service. Haowang Guarantee is a marketplace that handles illegal products and services. The network issued Stablecoin to support transactions across these platforms.
Despite public evidence of widespread abuse, the Fione entity had no visible anti-money laundering (AML) and knowledgeable customer (KYC) policies. Fincen noted that Huione was unable to detect any suspicious transactions. This includes one example of unconscious accepting funds related to North Korea’s cyberattacks.
The platform appears to operate outside of typical surveillance or regulation, similar to the historic darknet markets like the Silk Road.
