US Treasury targets Cambodia's Huione in proposed rule, citing links to North Korean hackers

Description

The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) proposed prohibiting Cambodia's Huione Group from accessing the U.S. financial system due to money laundering concerns, including alleged ties with North Korean hackers.

Authors

Danny Park

Publish date

May 2, 2025

Publisher

The Block

Web URL

https://www.theblock.co/post/352894/us-treasury-targets-cambodias-huione-in-proposed-rule-citing-links-to-north-korean-hackers

Referenced by

FinCEN recommends ban on Huione Group

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News story

FinCEN submitted a proposed rulemaking that would effectively cut off Cambodia-based Huione Group and its related entities from accessing the U.S. financial market. FinCEN alleged that Huione laundered over $4 billion worth of illegal funds, including those linked to North Korean hackers.

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Earlier this year, Huione launched its own stablecoin to circumvent restrictions and asset seizures imposed by traditional regulatory agencies, blockchain analytics firm Elliptic said.

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