The U.S. Treasury announced that it’s aiming to cut the Cambodia-based Huione Group off from the American banking system. Why? Because it believes the company is heavily involved in laundering billions of dollars—some of it linked to cryptocurrency scams and even North Korea’s notorious hacking group, Lazarus.
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So, who is the Huione Group?
The Huione Group is a large company based in Cambodia that runs several businesses across Southeast Asia. These include:
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Huione Pay, a digital payment app used to send and receive money;
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Huione Crypto, a platform where people can buy and sell cryptocurrencies; and
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Huione Guarantee, an online marketplace that U.S. officials say is being used to trade illegal goods and services.
At first, Huione looks like a regular fintech company offering modern financial tools. But U.S. authorities believe there’s more going on behind the scenes. They say Huione is helping criminals—especially hackers connected to North Korea—move stolen money and hide where it came from.
According to the U.S. Treasury, Huione’s platforms have been used to launder billions of dollars in stolen crypto, making it easier for cybercriminals to cash out without being caught. In short, what looks like a normal tech company might actually be part of a much bigger and darker operation.
What is the U.S. accusing them of?
The U.S. Treasury’s Financial Crimes Enforcement Network—better known as FinCEN—has proposed labeling Huione Group as a “primary money laundering concern.” That’s a serious designation. If it goes through, it would essentially block Huione from working with U.S. banks and financial institutions.
The Treasury says Huione has become a “marketplace of choice” for cybercriminals and fraudsters. They believe that between August 2021 and January 2025, Huione laundered at least $4 billion worth of dirty money. That includes over $36 million tied to so-called “pig butchering” scams and $37 million linked directly to Lazarus Group—North Korea’s infamous hacking team.
According to the U.S. Treasury, Huione helped criminals move money from scams like these through its platforms and into the traditional financial system.
What’s the Lazarus Group’s connection?
You might remember the Lazarus Group from some big cyberattacks over the past few years—including the 2014 Sony Pictures hack and the massive Axie Infinity crypto heist in 2022.
The U.S. says Lazarus used Huione Group services to launder millions in stolen crypto. In one example from a Reuters investigation, a Lazarus-controlled crypto wallet sent $150,000 in stolen funds to a Huione Pay wallet between June 2023 and February 2024.
Huione Pay denied knowing that the wallet was tied to Lazarus, but the link is raising alarm bells in Washington.
Does Huione even do business with U.S. banks?
Not directly. FinCEN admits that Huione doesn’t hold accounts with U.S. banks. But here’s the thing: it works with foreign banks that do have relationships with U.S. institutions. That means, indirectly, Huione can still access the U.S. financial system.
That’s why the Treasury is moving to block even that indirect access. If the proposal goes through, any bank connected to the U.S. system would have to cut ties with Huione.
And what’s this about a “stablecoin”?
As if things weren’t complicated enough, the Treasury says Huione Group also created its own U.S. dollar-pegged stablecoin called USDH. The concern here is that this coin can’t be frozen by regulators and is being used to move money around the crypto ecosystem without detection.
That adds another layer of risk, especially when you’re talking about ties to fraud and North Korean hackers.
Cambodia reacts
It’s not just the U.S. cracking down. Back in March 2025, Cambodia’s National Bank revoked Huione Pay’s local banking license. They said the company was violating rules by engaging in digital asset trading, which is not allowed under Cambodian law.
Cambodian regulators also pointed out that financial firms like Huione should not be dealing in crypto at all—something they’ve repeatedly warned about due to concerns over money laundering and unregulated financial activity.
Why does this matter?
This isn’t just about one company in Southeast Asia. It’s about the growing intersection between crypto, crime, and global finance.
North Korea, for instance, has become increasingly reliant on cybercrime and crypto theft to fund its weapons programs. The United Nations and multiple security agencies have confirmed that Lazarus Group helps bring in money for the regime using stolen crypto.
If groups like Huione are helping launder that money—even unintentionally—they become a key part of the puzzle. Cutting them off could slow down or even block these illicit flows.
What happens next?
The FinCEN proposal isn’t final yet. There’s a 30-day public comment period before it becomes law. During that time, the public—including financial institutions, policy experts, and Huione itself—can submit feedback.
After the comment period, FinCEN can either revise the rule or move forward and make it official.
If it does go into effect, Huione will face serious obstacles. Not only would U.S. institutions be forced to sever ties, but foreign banks that want to keep their U.S. access would likely have to drop Huione too.
In short, it could be a death sentence for Huione’s international business operations.
Final Thoughts
This isn’t just a story about crypto—it’s a window into how money moves in today’s globalized world and the growing efforts by regulators to stop criminal networks from exploiting that system.
It also serves as a warning about the dangers of poorly regulated crypto platforms. These platforms, whether knowingly or not, can become tools for laundering stolen money. From online scams like fake romances to state-sponsored cyberattacks funding weapons programs, cryptocurrency is increasingly being used in some of the world’s most serious crimes.
With this move, the U.S. government is sending a clear and firm message: If you’re helping criminals move money, no matter the country, the platform, or the currency, they will find you, and they will act.