Huione Pay Freezes Withdrawals Amid Liquidity Crisis, Sparks Protests
Huione Pay's abrupt shutdown until January 5 has triggered chaos, freezing tens of thousands of withdrawal requests. Crowds gathered at its Phnom Penh headquarters as users faced locked accounts and opaque communication about fund recovery.
The company cited unsustainable liquidity pressure in a notice posted at its offices, acknowledging it couldn't process the volume of withdrawal demands. A deferred repayment scheme offers two options: conversion to 18-month wealth products with monthly interest, or staggered withdrawals after a six-month holding period.
Protesters voiced frustration over the lack of advance warning, fearing permanent capital loss. The incident underscores the risks of lightly regulated digital payment platforms in emerging markets.
