The U.S. Treasury Department's Financial Crimes Enforcement Network proposed to prohibit Huione Group from accessing the U.S. financial system

ChainCatcher News, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) recently proposed to prohibit Cambodia's Huione Group from accessing the U.S. financial system, citing allegations of money laundering activities and connections to North Korean hacker groups. Treasury Secretary Scott Bancen stated in a statement on Thursday, "This proposed measure will cut off Huione Group's access to banking services, weakening its ability to launder illicit proceeds."

The rule-making proposal under Section 311 of the Patriot Act would authorize FinCEN to require U.S. financial institutions to prohibit Huione Group and its affiliates from opening and managing accounts.

FinCEN alleges that between August 2021 and January 2025, Huione Group laundered over $4 billion in illicit funds, including $37 million in stolen assets from a North Korean-led cyber theft. Bancen revealed that the cryptocurrency trading platforms and online payment services operated by Huione Group have become the "preferred market" for cybercriminals.