FinCEN Moves to Cut Off Cambodia’s Huione Group Over Crypto Laundering Allegations

The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has taken decisive action against Cambodia-based Huione Group, accusing the financial conglomerate of serving as a hub for laundering proceeds tied to North Korea’s Lazarus Group. The proposed measure would sever Huione’s access to the U.S. financial system, prohibiting domestic institutions from maintaining correspondent accounts on its behalf.

Investigations reveal Huione’s alleged role in processing billions stolen from Americans through cyber heists and romance scams since 2021. "This marketplace has become a critical node for laundering illicit crypto assets," FinCEN stated in its Thursday announcement. The action underscores growing regulatory scrutiny on cross-border crypto flows tied to sanctioned entities.