Huione Group, a large Cambodian company related to the largest illegal online market, can be blocked in the US financial system according to the new financial proposal.
According to a May 1 announcement by the US Treasury Financial Crime Execution Network (FINCEN), the agency is trying to block the Huione Group as the “First Fund Laundry Problem” and access the US bank network.
FINCEN’s proposed rules prevents US financial institutions from opening or maintaining Huione Group’s correspondents or payable accounts.
“Today’s proposed action will break down access to Huione Group’s correspondent banks and reduce the ability to wash these groups’ unpleasant interests.”
The company argues that it is operated through overseas companies, but it can indirectly access the US financial system.
Officials say that Huione can quietly support the operation of major cyber crimes, including the notorious screw of North Korea.
According to financial crime watchers, the group helped to move at least $ 4 billion illegal funds between August 2021 and January 2025, and there is a remarkable part of funds related to online frauds such as pig slaughter.
One of the biggest concerns is that Huione has built a business network designed to support the operation. This includes Huione pay, a payment service company. Huione crypto is a virtual asset platform; And recently, a controversial telegram -based market for changing the brand with the HAOWANG guarantee.
Fincen also reported Huione’s Stablecoin, USDH, but was designed in a US dollar, but it was designed in a difficult way to freeze. Public officials believe that they are getting used to avoiding directors and spreading illegal funds with money currencies.
“Huione Group claims that USDH can’t frozen, so this service provides Huione Group’s customers with little risk ecosystems to move or store CVC without intercept of law execution or“ freezing ”.
In July 2024, tethers were able to trigger the launch of USDH, freezing nearly $ 30 million in USDT connected to the Huoine account.
The proposed rules are now in force for 30 days.
In July 2024, the ellipse of the blockchain forensics, the ellipse, was called the central hub of Southeast Asian cyber criminals.
The report explained the company’s market as the biggest type of laundry service, fraud website tools and human trafficking services.
The platform’s mobile app was eventually listed on the Google Play Store in January, depending on the charges of crime, but continued to be activated in the Apple App Store.