The US Treasury Department has announced plans to stop Cambodia’s Huione Group from accessing the US banking system.
Officials believe the company has played a role in helping North Korea’s Lazarus Group hide stolen cryptocurrency.
On May 1, the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a new rule. It would prevent US banks from opening or keeping accounts connected to Huione Group. The plan also includes stopping foreign banks from moving money through US accounts on Huione’s behalf.
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Treasury Secretary Scott Bessent said the group has become a “marketplace of choice” for hackers like Lazarus, who have taken billions of dollars from US citizens. He added that cutting off Huione’s access to banking would make it harder for criminals to hide illegal funds.
Though Huione Group does not have direct accounts with American banks, it works with foreign banks that do. This indirect link still allows it to move funds connected to illegal activities.
According to FinCEN, between August 2021 and January 2025, Huione helped move at least $4 billion in illegal funds. Over $36 million of this came from so-called “pig butchering” scams, where victims are tricked into fake online investments. Another $37 million was linked to hacking groups connected to North Korea.
The Treasury said that Haowang Guarantee has turned Huione Group into a central place for criminals to exchange stolen cryptocurrency for cash.
The proposed rule will be open for public comment for 30 days before it can be put into effect.
Recently, the Australian Transaction Reports and Analysis Centre (AUSTRAC) issued a warning to inactive cryptocurrency exchanges. What did the warning say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
