Huione Group Closes Phnom Penh Branches Amid Sanctions
- Huione Group’s branches in Phnom Penh have closed following the U.S. and UK cutting it off from the international banking system in October.
- The conglomerate’s marketplace and escrow service were implicated in billions of dollars of illicit transactions, with estimates ranging from $4 billion to at least $11 billion.
- U.S. Treasury officials identified Huione as a primary money laundering concern, linked to North Korea’s Lazarus Group and other major scams.
The closure of Huione’s branches follows intensified enforcement efforts by international authorities aiming to disrupt Cambodia’s industrialized scam economy, valued at $19 billion annually. The group was considered critical infrastructure for these networks.
Despite regulatory pressure and sanctions, Huione has shown resilience by launching USDH, a dollar-backed stablecoin on Tron and Xone blockchain platforms, while alternative guarantee services emerge. (Source)
