Huione Group, a Cambodian conglomerate linked to the largest illicit online marketplace, could be cut off from the U.S. financial system under a new Treasury proposal.
According to a May 1 announcement from the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), the agency is looking to label Huione Group as a “primary money laundering concern” and block it from accessing the American banking network
FinCEN’s proposed rule would prevent U.S. financial institutions from opening or maintaining any correspondent or payable-through accounts for Huione Group.
“Today’s proposed action will sever Huione Group’s access to correspondent banking, degrading these groups’ ability to launder their ill-gotten gains,” Treasury Secretary Scott Bessent said in an accompanying statement.
While the company doesn’t directly bank in the U.S., FinCEN claims it reportedly operates through overseas firms that do, giving it indirect access to the American financial system.
Authorities say this access has allowed Huione to quietly support major cybercriminal operations, including laundering stolen crypto for North Korea’s notorious Lazarus Group.
According to the financial crimes watchdog, the group allegedly helped move at least $4 billion in illicit funds between August 2021 and January 2025, with a notable portion of those funds linked to online scams, such as pig butchering.
One of the biggest concerns is that Huione has built a sprawling network of businesses designed to support its operations. These include Huione Pay, a payment services firm; Huione Crypto, a virtual asset platform; and a controversial Telegram-based marketplace that recently rebranded to Haowang Guarantee.
FinCEN also flagged Huione’s stablecoin, USDH, which is pegged to the U.S. dollar but designed in a way that makes it hard to freeze. Officials believe it’s being used to sidestep oversight and quietly funnel illicit funds into fiat currency.
“Because Huione Group claims that USDH cannot be frozen, this service offers Huione Group’s clientele a virtually risk-free ecosystem to move or store CVC without the risk of interception or “freezing” by law enforcement,” FinCEN noted in its rulemaking submission.
In July 2024, Tether froze nearly $30 million in USDT linked to Huoine accounts, which may have prompted the launch of USDH.
The proposed rule is now open to public comment for 30 days before it can take effect.
Back in July 2024, blockchain forensics firm Elliptic raised red flags around Huione, calling it a central hub for Southeast Asian cybercriminals.
The report described the company’s marketplace as the biggest of its kind, with thousands of Telegram channels offering laundering services, scam website tools, and even human trafficking-related services.
The platform’s mobile app was eventually delisted from the Google Play Store in January following criminal allegations, but it remains active on the Apple App Store.
