U.S. Targets Huione Group Over Billions in Crypto Laundering

The U.S. Treasury is escalating its crackdown on crypto-related financial crimes, taking aim at Cambodia-based Huione Group for allegedly laundering over $4 billion in illicit crypto proceeds. The Financial Crimes Enforcement Network (FinCEN) identified Huione as a "primary money laundering concern" under Section 311 of the USA PATRIOT Act, proposing to sever its access to U.S. financial systems.

Between August 2021 and January 2025, Huione's subsidiaries—including Huione Pay, Huione Crypto, and Huione Guarantee—facilitated payments in both fiat and digital currencies while openly lacking anti-money laundering (AML) and know-your-customer (KYC) protocols. The network processed funds tied to cyber heists, pig-butchering scams, and even $37 million in DPRK-linked thefts.

FinCEN's findings reveal Huione operated as a hub for criminal financial flows, with $336 million traced to darknet markets and fraud schemes. The group even issued a stablecoin specifically designed for laundering operations, marking one of the most brazen cases of institutionalized crypto crime to date.