The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) is moving to blacklist Cambodia-based Huione Group from the American financial system, citing its role in laundering billions in illicit funds connected to cybercrime networks and sanctioned entities, including North Korea.
In a proposed rule issued Thursday under Section 311 of the USA PATRIOT Act, FinCEN formally designated Huione as a “primary money laundering concern.” The label grants the Treasury broad powers to isolate the conglomerate from the U.S. banking sector and any affiliated correspondent accounts—effectively cutting it off from global dollar-based transactions.
“For years, Huione Group has laundered illicit proceeds from cybercrimes,” the agency stated in its notice.
Investigators allege that the group’s operations facilitated the movement of over $4 billion in illicit funds, including those linked to North Korea’s Lazarus Group and various romance and investment scams targeting Americans.
Headquartered in Phnom Penh, Huione operates a wide range of financial services, including digital payments, crypto exchanges, and insurance platforms—most notably through its subsidiaries Huione Pay, Huione Crypto, and Haowang Guarantee. These platforms are now under intense scrutiny for allegedly enabling anonymous transfers that violate global anti-money laundering standards.
The proposed sanctions underscore Washington’s expanding efforts to crack down on financial infrastructure that enables cybercrime, especially in jurisdictions seen as underregulated. If finalized, the rule would not only block Huione’s access to U.S. banks but also serve as a warning to other offshore crypto-linked entities suspected of facilitating cross-border financial crime.
Huione Sanctions Target Key Subsidiaries
According to FinCEN, the proposed designation targets several of Huione’s key subsidiaries—including Huione Pay PLC, Huione Crypto, and Haowang Guarantee—which allegedly facilitated the flow of billions in stolen funds. The Treasury describes Huione as a “critical node” enabling operations such as romance scams and high-yield investment frauds, often referred to as “pig butchering” schemes.
“Huione Group has been the marketplace of choice for threat actors and criminal syndicates who have stolen billions of dollars from everyday Americans,” said U.S. Treasury Secretary Scott Bessent in the announcement.
If finalized, the rule would prohibit U.S. financial institutions from establishing or maintaining correspondent banking relationships with Huione-linked entities—effectively cutting off their access to the U.S. dollar and crippling their ability to interact with the global financial system.
FinCEN Links $4B in Crypto to Huione
According to the investigation by FinCEN, the group allegedly moved nearly $4 billion in suspect transactions between August 2021 and January 2025.
Of that amount, FinCEN says at least $37 million can be traced to North Korea-linked cyberattacks, while another $36 million stems from fraudulent crypto schemes. A further $300 million was reportedly funneled through Huione’s platforms from various online scams targeting vulnerable users across the globe.
The Treasury watchdog slammed the conglomerate for failing to implement meaningful anti-money laundering (AML) or know-your-customer (KYC) procedures, accusing it of willful negligence. FinCEN also claims Huione acknowledged weaknesses in its internal controls after processing funds allegedly tied to North Korean actors.
The warning signs had been growing. In January, the National Bank of Cambodia revoked the license of Huione Pay, one of the group’s core payment arms. Around the same time, Google removed Huione Guarantee—a Telegram-based app offering illicit financial services—after blockchain analytics firm Elliptic published an exposé linking it to underground criminal markets.
FinCEN’s proposed rule to designate Huione as a “primary money laundering concern” is now open for a 30-day public comment period following its formal publication in the Federal Register. If finalized, it would severely restrict Huione’s access to the U.S. and global financial systems.
Quick Facts
- FinCEN proposes cutting off Huione Group from the U.S. financial system under the PATRIOT Act.
- Huione is accused of laundering over $4 billion, including funds linked to North Korean cybercrime.
- Subsidiaries like Huione Pay and Huione Crypto allegedly facilitated illicit transactions.
- Cambodia revoked Huione Pay’s license; Google delisted a Huione-linked app.
