U.S. Treasury Sanctions 19 Southeast Asian Entities Over Crypto Scams

The U.S. Department of the Treasury has imposed sanctions on 19 entities across Myanmar and Cambodia for orchestrating crypto investment scams that defrauded Americans of billions. These operations allegedly exploited human trafficking victims, forcing them to perpetrate fraudulent schemes under threat of violence and forced labor.

Nine entities in Myanmar—reportedly shielded by the OFAC-designated Karen National Army—and 10 in Cambodia were targeted. Losses attributed to Southeast Asia-based scams surged to $10 billion in 2024, marking a 66% annual increase. "These syndicates not only jeopardize financial security but enslave thousands," said Under Secretary John K. Hurley, vowing aggressive action under the TRUMP administration.

The schemes employed sophisticated tactics to lure American investors, though specific cryptocurrencies or exchanges were not named in the Treasury's disclosure. The enforcement underscores growing regulatory scrutiny of cross-border crypto fraud.