Huione Group Barred From U.S. Financial System Over $4 Billion Money Laundering

The United States Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed a rule that would bar the Cambodia-based Huione Group and its affiliates from accessing the U.S. financial system. The agency cited serious allegations of money laundering tied to cybercrime operations, including links to the North Korean hacker group Lazarus.

FinCEN identified Huione as responsible for laundering $4 billion between August 2021 and January 2025 through North Korean cyber thefts, amassing at least $37 million. According to Treasury Secretary Scott Bessent, the USA PATRIOT Act Section 311 proposed action seeks to interrupt Huione’s role as a financial channel benefiting illicit actors.

“This proposed action will sever Huione Group’s access to correspondent banking, degrading these groups’ ability to launder their ill-gotten gains,” Bessent said in a formal statement released Thursday.

FinCEN’s filing accused Huione of supporting a wide array of illegal activity, including transnational crypto scams and so-called “pig butchering” frauds. Using fake romance or investment schemes, these scams lure victims into fake romantic or investment schemes, extracting crypto assets from their victims.

Huione offered personal data services, hosted payment platforms, and operated online marketplaces used by cybercriminals. Its infrastructure included Telegram-based chat groups to coordinate laundering operations and sell illicit tools. One platform, Haowang, was described in a UN report as a “one-stop shop” for cyber scam services.

Earlier this year, Huione reportedly introduced a proprietary stablecoin, a digital asset intended to help bypass enforcement actions and seizure efforts by authorities. FinCEN noted that although Huione lacks direct relationships with U.S. banks, the new rule would proactively prevent American financial institutions from opening or managing any accounts tied to Huione entities. Also, banks would need enhanced scrutiny of transactions linked to the group.

This proposal represents the most aggressive U.S. action yet against Huione Group. The action also follows growing international concern over Southeast Asian laundering hubs. The United Nations Office on Drugs and Crime had recently warned that similar networks were multiplying in the region, potentially weakening enforcement impact.

Huione has yet to respond to the proposed rulemaking. FinCEN has opened a 30-day public comment period following the rule’s publication in the Federal Register. The decision would mark a significant step in U.S. efforts to disrupt financial infrastructure aiding state-backed cybercrime and crypto fraud if finalized.