The U.S. government is moving to cut off Cambodia-based Huione Group from the American financial system, citing serious concerns over its alleged involvement in laundering billions of dollars tied to cybercrime and online fraud schemes.
In an announcement made Thursday, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, labeled Huione Group as a “primary money laundering concern.” As part of the proposed action, American banks and financial institutions would be barred from establishing or maintaining any correspondent accounts with the firm.
This proposal has now entered a 30-day public review period before it can be finalized.
According to U.S. Treasury Secretary Scott Bessent, Huione Group has become a go-to financial platform for cybercriminals, including North Korean hackers and organized crime networks. He noted that these groups have stolen massive sums from individuals and businesses across the U.S., using Huione’s services to move the stolen money.
When contacted for a response on Friday, Huione Group did not reply to the request for comment.
FinCEN’s investigation found that the group handled more than $4 billion in suspicious transactions between August 2021 and January 2025. That figure includes over $37 million in cryptocurrency linked to North Korea’s hacking campaigns, as well as $36 million connected to “pig butchering” scams a type of online fraud where victims are manipulated into fake investment schemes through long-term social engineering.
The Treasury’s case against Huione also draws from previous reporting by Reuters. A 2024 investigation revealed that Huione Pay, one of the company’s subsidiaries, had received over $150,000 in cryptocurrency from a digital wallet associated with the Lazarus Group a well-known North Korean state-sponsored hacking collective.
In response to that earlier report, Huione Pay claimed it had no knowledge that the funds came from illicit sources. The company also stated that it had no control over the wallet that sent the funds.
Authorities and international organizations have long warned that North Korea uses cryptocurrencies to evade global sanctions. By doing so, it gains access to goods and services that would otherwise be restricted, according to the United Nations.
When reached for comment regarding the latest developments, North Korea’s delegation to the United Nations in Geneva did not answer calls. The mission has previously dismissed reports linking it to cybercrime, calling them speculative and inaccurate.
