Yigit Taha OZTURK 
The US Treasury Department has proposed barring Cambodia-based Huione Group from accessing the US banking system, accusing the firm of facilitating crypto-related money laundering for North Korea’s Lazarus Group.
In a rule proposal released on May 1, the Treasury’s Financial Crimes Enforcement Network (FinCEN) urged US banks to terminate correspondent and payable-through account services for Huione.
Deputy Treasury Secretary Scott Bessent described Huione as the “marketplace of choice for malicious cyber actors,” accusing it of aiding the theft of billions from ordinary Americans.
$4B Laundered, USDH Highlighted
According to FinCEN, Huione laundered over $4 billion in illicit funds between August 2021 and January 2025, including at least $36 million from crypto “pig butchering scams” and $37 million directly linked to North Korean cyberattacks.
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Its online service Haowang Guarantee has turned Huione into a one-stop crypto laundering hub, offering illegal goods and converting crypto to fiat currency.
FinCEN also flagged Huione’s stablecoin, the USDH (US dollar Huione), for its unfreezeable nature, which allegedly supports laundering operations.
Indirect US Bank Access and Regulatory Action
While Huione doesn’t hold direct accounts with US banks, FinCEN revealed it maintains accounts with foreign intermediaries that do, giving it indirect access to the US financial system.
The National Bank of Cambodia revoked Huione’s local banking license in March 2025, citing digital asset violations.
The proposed rule will undergo a 30-day public comment period before potentially being finalized.
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