A major event has recently occurred in the encryption payment scene of Cambodia.

The Huishang Payment, which has been thriving in the local Chinese community, has now fallen. It should be known that this guy is not a minor player in Cambodia — licensed operation, physical stores everywhere, and the app can be downloaded from legitimate shops. From daily consumption to the flow of funds in the gray area, many people rely on it. Even some notorious hacker organizations and scam groups, when laundering money, consider it their preferred channel. Saying it is the invisible pillar of the USDT payment system in Cambodia is not an exaggeration.

The turning point came suddenly. In October this year, the United States and the United Kingdom began to pressure Cambodia to rectify its financial chaos, threatening to place the country on the FATF (Financial Action Task Force) grey list, which would also affect the national SWIFT system. The Cambodian government could not withstand the pressure and finally took action against platforms like Huibang.

At the beginning of November, Huiwang began to limit withdrawals, allowing each person to withdraw only $1,000 to $2,000 per day. Subsequently, merchants gradually stopped accepting Huiwang payments. By December, the authorities directly announced: user funds will be paid out over 12 months, offline stores will be temporarily closed, and the situation will be reassessed in January next year.

Does this operation look familiar? Yes, it's the classic script from the time when domestic P2P exploded, but this time it's being staged in another country. The crowd queuing outside the store to withdraw money, the sudden appearance of phrases like "ESG sustainable development" in the announcement... it's absurd enough to make people laugh and cry.

The question arises: is this the inevitable result of tightening international regulations, or has Huiwang messed up on its own? Will the gray financial network in Southeast Asia be reshuffled as a result? Who will be the next to fall?

This cross-border financial earthquake is far from over.