Sanctioned Cambodian Lender Huione, Linked to Illicit Crypto, Halts Business After Bank Run

MEVictim

2025-12-02 08:23:44

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Source: CryptoNewsNet Original Title: Sanctioned Cambodian Lender Huione, Linked to Illicit Crypto, Halts Business After Bank Run: Report Original Link: Cambodia’s Huione Pay, a central node in the Huione family of financial companies targeted by U.S. sanctions, froze withdrawals on Monday and suspended business for more than a month, sparking panic among users who rushed to its headquarters seeking access to their savings.

Regulators and U.S. authorities have long warned that Huione’s operations were intertwined with money laundering and crypto-based scam activity. FinCEN severed Huione Group’s ties to the U.S. financial system earlier this year, and Cambodia’s central bank had already revoked Huione Pay’s license.

According to prior reporting, Elliptic identified that Huione Pay and its Telegram-based marketplace Huione Guarantee processed as much as $98 billion in illicit crypto transactions before being shut down in 2025. Transactions included funds from virtual currency scams, cyber heists, and laundering operations linked to North Korea.

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AlwaysMissingTops

· 8h ago

It's the same old script again; the money from illegal financing ultimately has to be repaid.

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ApeShotFirst

· 8h ago

Damn, it's this kind of rat trading incident again... As soon as the US sanctions come, they freeze the withdrawals directly. These big brothers in Cambodia really can't handle it.

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MetaverseMigrant

· 8h ago

Another sanctioned platform has collapsed, this is going to be interesting.

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HappyMinerUncle