The U.S. Treasury is set to block the Cambodian financial company Huione Group from accessing the U.S. financial system. This move comes after allegations that Huione helped launder money from cyber thefts and online scams.
On Thursday, the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced its plan to stop U.S. banks from opening or maintaining accounts for Huione. This would effectively cut Huione off from using the U.S. financial system. The proposal now faces a 30-day review period.
Treasury Secretary Scott Bessent called Huione Group a “marketplace of choice for malicious cyber actors,” including North Korean hackers and criminal groups. These actors have stolen billions of dollars from Americans.
FinCEN says Huione laundered at least $4 billion in illegal funds between August 2021 and January 2025. This includes $37 million in cryptocurrency linked to North Korean cyber thefts and $36 million from “pig butchering” scams, where people are tricked into sending money through online fraud.
Last year, Reuters reported that Huione Pay, a part of Huione Group, received over $150,000 in crypto from a digital wallet tied to the North Korean hacking group Lazarus. Huione Pay told Reuters it was unaware that the funds came indirectly from Lazarus and said it did not control the wallet that sent the money.
The United Nations has noted that North Korea uses cryptocurrency transfers to avoid sanctions. These transfers help the country buy goods and services banned by international rules.
When contacted by Reuters, North Korea’s mission to the United Nations in Geneva did not respond. The mission had previously called reports about Lazarus “speculation and misinformation.”
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