Sanctioned Cambodian Lender Huione, Linked to Illicit Crypto, Halts Business After Bank Run: Report
Sanctioned Cambodian lender Huione Pay suspended operations following a bank run amid money laundering and crypto scam allegations.Summary
Cambodia's Huione Pay, a key entity in the U.S.-sanctioned Huione financial network, suspended business and froze withdrawals after experiencing a bank run, causing panic among users. Regulators and U.S. authorities have long linked Huione's operations to extensive money laundering and crypto-based scam activities. Earlier this year, FinCEN cut Huione Group off from the U.S. financial system, and Cambodia’s central bank had already revoked Huione Pay’s license. Prior reports indicated that Huione Pay and its marketplace processed up to $98 billion in illicit crypto transactions, including funds from scams and North Korea-linked laundering. In response to the scrutiny, the company has reportedly rebranded Huione Pay to H-Pay.
(Source：CoinDesk)