Huione Group, a Cambodian conglomerate linked to the largest illicit online marketplace, might be cut off from the U.S. financial system under a proposal by the U.S. Treasury.
Treasury Proposal
On May 1, 2023, the Financial Crimes Enforcement Network (FinCEN) announced plans to classify Huione Group as a 'primary money laundering concern' and to block access to American banking services.
FinCEN's proposed rule would prohibit U.S. financial institutions from opening or maintaining correspondent accounts for Huione Group.
Allegations Against Huione Group
Although Huione does not have direct access to U.S. banking, FinCEN claims that the company operates through overseas firms, granting it indirect access. Authorities allege that this access allows Huione to support major cybercriminal operations, including laundering stolen cryptocurrency for North Korea's Lazarus Group.
Support for Cybercrime and Ensuring Anonymity
According to FinCEN, between August 2021 and January 2025, Huione allegedly helped move at least $4 billion in illicit funds, a significant portion of which is linked to online scams. Huione has established a network of businesses, including Huione Pay and Huione Crypto, and a recently rebranded Telegram marketplace, Haowang Guarantee. The stablecoin USDH, which is difficult to freeze, also raised concerns about its use to circumvent oversight and enable money movement.
The proposed rule is now open for public comment for 30 days before it can take effect. As the largest illicit online marketplace, Huione continues to attract the attention of law enforcement.
