The US Treasury Department wishes to prevent the Cambodia group based in Cambodia from accessing the American banking system, accusing it of helping the Lazare group supported by the state of North Korea to whiten its crypto.
The Treasury Financial Division Execution Network (Fincen) proposed May 1 on May 1 to prohibit American financial institutions from opening or maintaining the corresponding or payable accounts for or on behalf of the Huione group.
The Huione group has established itself as the “market of choice for malicious cyber-actors” like the Lazare group, which “stole billions of dollars from everyday Americans,” said US Treasury Secretary Scott Bessent in a press release on May 1.
“The proposed today’s action will experience the access of the Huione group to the corresponding bank, degrading the capacity of these groups to wash their badly acquired earnings.”
Huione Group has created a network of companies, which includes the Payment Service Platform Huione Pay Plc, the Crypto Exchange Huione Crypto and Haowang Guaran, an online market offering illicit goods and services.
Although the conglomerate did not have corresponding accounts with American financial institutions, it has accounts with foreign companies with American corresponding accounts, noted the Fincen of the Treasury in its submission of regulation.
The proposed rule is subject to a 30 -day public commentary period before it can take effect.
Huione extended to the network of sophisticated cybercriminals
Fincen said that the Huione group had laundered at least $ 4 billion in illegal product between August 2021 and January 2025, including more than $ 36 million from scams from Crypto Boucherie.
At least $ 37 million in the whitening crypto were linked to the “Cyber-Braquages” in North Korea, the Treasury said.
Hauwang’s guarantee made the Huione group a “stop store” for criminals to whiten the crypto obtained through illicit activities, and finally convert it into a fiduciary currency, said the Treasury.
In relation: North Korean crypto attacks increased in sophistication, actors – paradigm
The conglomerate has also created a stablecoin with an American point, the Dollar Huione (USDH), which, according to Fincen, cannot be frozen and helps to carry out money laundering.
The National Bank of Cambodia said that payment companies are not authorized to process or exchange digital assets in the country and had revoked the company’s local banking license in March.
Review: The crypto wanted to reverse the banks, now it becomes in the fight of Stablecoin
