Key Points
The US Treasury plans to block Cambodian based Huione Group from the US banking system over crypto laundering links;
Officials say Huione helped move $4 billion in illegal funds, including scams and North Korean cyber theft;
A new rule would also stop foreign banks from routing Huione’s transactions through US accounts.
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.
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.
