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FinCEN Moves to Sever Huione Group’s US Financial Access Over Crypto Laundering Allegations
FinCEN Moves to Sever Huione Group’s US Financial Access Over Crypto Laundering Allegations
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The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has taken decisive action against Cambodia-based Huione Group, proposing to cut off its access to the US financial system. The move comes amid allegations that Huione facilitated billions in illicit crypto transactions linked to North Korean hackers and fraud networks.
Under Section 311 of the USA PATRIOT Act, FinCEN seeks to designate Huione as a primary money laundering concern. If finalized, the rule would force US banks to terminate all correspondent relationships with Huione and its affiliates. The case highlights growing regulatory scrutiny of crypto’s role in transnational financial crime.
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