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Headline: Cambodian Money Laundering Giant Huione Pay Halts Operations Amid Bank Run, US Sanctions

Phnom Penh, Cambodia – December 2, 2025 – Huione Pay, identified by authorities as the world’s largest money laundering network based in Cambodia, has announced a temporary shutdown and frozen withdrawals, triggering a bank run and long queues outside its Phnom Penh headquarters. The company, which initiated a deferred repayment plan, cites compliance violations and sanctions as the cause for the closure, scheduled to last until January 5, 2026.

Founded in 2014, the Huione Group, a financial services conglomerate, catered primarily to Chinese-speaking users across Southeast Asia. Its crypto exchange, Huione Crypto, gained notoriety for lax Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, attracting a significant number of illicit actors. Investigations revealed that Huione became a major conduit for laundering funds from North Korea-linked crypto heists and cybercrimes, including romance scams. TRM Labs analysis showed over $96 billion in cryptocurrency flowed through Huione-linked infrastructure since 2021, while the Huione Guarantee escrow service became a popular tool for money launderers on Telegram.

Regulatory scrutiny intensified earlier this year. In March, Cambodian financial regulators revoked Huione Pay’s license. In May, the U.S. Financial Crimes Enforcement Network (FinCEN) designated Huione Group as a “financial institution of primary money laundering concern” and proposed cutting it off from the U.S. financial system. Telegram subsequently removed channels linked to Huione Group.

The FinCEN delivered on its promise in October, severing Huione Group’s access to the U.S. financial system. A coordinated effort by the FinCEN, the Office of Foreign Assets Control (OFAC), and the United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO) resulted in comprehensive sanctions against the Huione Group for allegedly laundering proceeds from cryptocurrency scams and heists.

The current suspension of operations has left many customers unable to access their funds. Social media is rife with images of frustrated individuals lining up outside locked Huione Pay branches.

Chainalysis, in its 2025 Crypto Crime Mid-year Update, reported that over $2.17 billion in crypto assets were lost to scams and heists through July 17, 2025 and warned that this number would reach $4 billion by the end of the year. The Huione Group’s troubles underscore the increasing crackdown on cryptocurrency-related money laundering activities worldwide.

This story was originally published by TheStreet on Dec 2, 2025, where it first appeared in the Bankruptcy News & Analysis section.

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