Crypto Transfers Between Korean Exchanges and Cambodia’s Huione Jump 1,400x to $8.9M

Cryptocurrency transfers between South Korea’s largest exchanges and Cambodia’s Huione Guarantee surged nearly 1,400 times last year, reaching $8.9 million in 2024. The dramatic spike has raised alarms among regulators and lawmakers, with suspicions of money-laundering links to transnational criminal networks operating in Southeast Asia.

Huione Group, the parent company of Huione Guarantee, has been sanctioned by both the US and UK governments for allegedly laundering digital assets tied to fraud, cybercrime, and human trafficking. All five major Korean exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—have suspended transactions with the Cambodian platform.

The Financial Supervisory Service (FSS) data, obtained by opposition lawmaker Rep. Lee Yang-soo, highlights the urgency of tightening anti-money laundering oversight in the crypto sector. The surge from just 9.22 million won in the previous year underscores the escalating risks of illicit financial flows.