U.S. Treasury Targets Huione Group Over Alleged Crypto Money Laundering

The U.S. Treasury Department is moving to sever Huione Group’s access to the American financial system, alleging the Cambodian conglomerate facilitates crypto money laundering. A May 1 proposal from FinCEN seeks to designate Huione as a "primary money laundering concern," which would block U.S. banks from maintaining correspondent accounts for the firm.

Treasury Secretary Scott Bessent framed the action as a direct strike against illicit finance networks. "This will degrade their ability to launder ill-gotten gains," he stated. The move follows investigations linking Huione to Southeast Asia’s largest underground online marketplace.

While no specific cryptocurrencies were named in the announcement, the case highlights growing regulatory scrutiny of cross-border crypto flows. The Treasury’s action demonstrates Washington’s willingness to weaponize dollar access against alleged bad actors in digital asset markets.