Global regulators are ramping up pressure on crypto crime with the U.S. Treasury moving to shut down Cambodia-based conglomerate Huione Group’s access to its financial ecosystem.
The move comes after findings by the Financial Crimes Enforcement Network (FinCEN) showing Huione’s participation in laundering over $4 billion in crypto-linked crime proceeds.
As per the FinCEN release, Huione enabled major financial flows tied to cyber heists, crypto scams, and DPRK-linked thefts between August 2021 and January 2025. The bureau identified Huione as a “primary money laundering concern” under Section 311 of the USA PATRIOT Act. The proposed rule aims to block U.S. banks from offering any accounts or services to the group.
Huione’s subsidiaries—including Huione Pay, Huione Crypto, and Huione Guarantee—collectively enabled payments in both fiat and crypto. These firms also sold scam-related tools and launched a stablecoin used for laundering.
Huione’s Network and Crypto Scam Operations
Huione’s platform became a hub for “pig butchering” scams, where fraudsters trick victims into fake crypto investments. The DPRK alone moved over $37 million through Huione, according to FinCEN. Moreover, another $336 million came from scams and darknet cybercrime.
While processing billions, Huione did not implement any AML and KYC policies. The company openly admitted having gaps in its vetting system. FinCEN also found the businesses under Huione had no published frameworks of compliance. Consequently, vandalization of funds took place through these gaps by cybercriminals for their perpetration and concealment.
Global Campaigns Against Crypto Scammers
According to the Turkish daily newspaper Daily Sabah, Turkish authorities seized the assets of crypto exchange ICRYPEX and its CEO, Gökalp Içer. Prosecutors claim ICRYPEX helped criminal groups convert illegal profits into crypto and reintroduce them into the financial system.
As crypto-related crime continues to grow, both U.S. and international regulators are stepping up their efforts to impose stricter controls. The recent actions against Huione and ICRYPEX highlight the increasing global pressure to combat money laundering schemes that are fueled by cryptocurrency.
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