US Treasury Moves to Isolate Huione Amid Crypto Crime Allegations

The US Treasury takes aim at Huione, signaling a crackdown on platforms with alleged ties to illicit crypto activity. Another day, another dollar—laundered.

Officials claim the platform serves as a conduit for criminal transactions, though details remain scarce. Will this actually stop bad actors, or just push them to the next unregulated exchange? Classic regulatory whack-a-mole.

Watchdog groups cheer while crypto libertarians groan—meanwhile, the black market’s compliance department (lol) is already shopping for new banking partners.

Source: Chainalysis

Huione expanded into sophisticated cybercrime network

FinCEN claimed that Huione Group has laundered at least $4 billion worth of illicit proceeds between August 2021 and January 2025, including more than $36 million from crypto pig butchering scams.

At least $37 million worth of the crypto laundered has been linked to North Korea’s “cyber heists,” the Treasury said.

Haowang Guarantee has made Huione Group a “one stop shop” for criminals to launder crypto obtained through illicit activities, and ultimately convert it to fiat currency, the Treasury said.

The conglomerate has also created a US dollar-pegged stablecoin, the US Dollar Huione (USDH), which FinCEN said cannot be frozen and helps to carry out money laundering activities.

The National Bank of Cambodia has stated that payment firms aren’t allowed to deal or trade digital assets in the country and had revoked the company’s local banking license in March.