The US Ministry of Finance wants to cut Huione for crawling crypto crimes

The US Ministry of Finance wants to block the Huione group based in Cambodia from access to the US banking system and accuses it that the state-supported Lazarus group North Korea helped to laundry their crypto.

The financial crime network (fincen) of the financial crimes proposed on May 1st to prohibit or maintain US financial institutions, corresponding to correspondence or paying accounts for or in the name of the Huione Group.

The Huione Group has established itself as the “marketplace of the election for malicious cyber actors” such as the Lazarus Group, who “stole billions of dollars by everyday life”, said the US Finance Minister Scott Bessent in a statement on May 1st.

“Today's proposed campaign will take the access of the Huione group to correspondence banks and worsen the ability of these groups to wash their poorly refined profits.”

The Huione Group has set up a network of companies to which the Huione Pay PLC payment platform, the Crypto Exchange Huione Crypto and Haowang Guarante, an online marketplace that offers illegal goods and services.

Although the conglomerate does not have any correspondence accounts in US financial institutions, it has accounts with foreign companies with US correspondence accounts, as the finished ministry finished in its submission of rules.

The proposed rule is subject to a 30-day public commentary period before it can be effective.

Source: chain

Huione expanded into a sophisticated cyber criminance network

Fincen claimed that the Huione Group had washed an illegal proceeds worth at least 4 billion US dollars between August 2021 and January 2025, including more than 36 million dollars from Krypto pigs.

At least 37 million US dollars worth at least 37 million US dollars that have associated the laundry crypto laundry with North Korea's “cyber attacks”, said the Ministry of Finance.

Haowang guarantee has made the Huione Group a “one -stop shop” for criminals to wash crypto that were preserved by illegal activities and ultimately convert in Fiat currency, said the finance ministry.

The conglomerate has also packed a US dollar StableCoin, the US dollar Huione (USDH), which, according to finces, cannot be frozen and helps with the execution of money laundering activities.

The National Bank of Cambodia has explained that payment companies are not allowed to handle or act digital assets in the country and revoke the company's local bank license in March.