US Treasury wants to cut off Huione over ties to crypto crime
The US Treasury Department aims to block the Cambodia-based Huione Group from the US banking system, citing its role in aiding North Korea's Lazarus Group in laundering cryptocurrency. The Financial Crimes Enforcement Network (FinCEN) proposed a ban on US financial institutions from maintaining accounts for Huione Group. The group is described as a hub for cybercriminals, having laundered at least $4 billion in illicit proceeds since August 2021, including $36 million from scams linked to North Korea. Huione operates various businesses, including Huione Pay PLC and Huione Crypto, facilitating the conversion of illicit crypto to fiat currency. The group has also created a stablecoin, USDH, which is reportedly unfreezable and aids in money laundering. The National Bank of Cambodia has revoked Huione's local banking license, emphasizing that payment firms cannot engage with digital assets. The proposed rule will undergo a 30-day public comment period before implementation.
