Fincen tries to stop Huione from leaving the U.S. system with crypto crimes linked to North Korea
The U.S. Treasury Department is taking steps to connect with the Cambodian-based Huione Group for allegedly involved in the multibillion-dollar illegal cryptocurrency fund.
In an action targeting potential national security risks, the Treasury Department’s Financial Crime Enforcement Network (FINCEN) proposed a rule that would prohibit Huione from entering the U.S. financial system, citing links to North Korean hackers and crypto-fraud networks.
Huione Group is declared as a major money laundering issue under the proposed designation announced in Section 311 of the United States Patriot Act. If enacted, the rule would force U.S. financial institutions to cut off any journalist bank relationships with Huione and its branches.
Fincen accuses of crypto robbery, scams and Stablecoin abuse
Huione played an important role in money laundering from 2021 to 2025, including $37 million in connection with allegedly associated with North Korean hackers collective Lazarus Group, the Ministry of Finance said.
According to Fincen’s statement, Huione Group has facilitated cybercrime from crypto investment scams to high-profile hacking incidents.
The organization reportedly supports transnational criminal organizations operating in Southeast Asia, providing services that include crypto exchanges, online payment processing, and markets that cater to illegal network participants.
The U.S. Treasury Department stressed that such actions make Huione a major hub for criminal financial activities, and its platforms are often used to make profits from cyber theft.
One of the group’s latest developments includes the launch of its own Stablecoin. Blockchain analytics firm Elliptic has previously flagged the move in response to increased regulatory crackdowns, suggesting it aims to bypass asset freezes and financial surveillance.
Fincen notes that stable stability combined with Huione’s Fiat and cryptocurrency services enables high levels of transaction anonymity to enable you to track illegal financing efforts.
Treasury Secretary Scott Bessent said the proposed measures aim to “reduce the ability of these groups to launder money” by cutting access to the U.S. banking system.
The move also follows the findings of the UN Drugs and Crime Office, which will feature Huione’s Haowang Marketplace as a comprehensive ecosystem that supports cybercrime infrastructure. According to a UN report, Haowang provides everything from fake documents to scam toolkits and payment systems.
International response and law enforcement prospects
Proposals to limit Huione are increasing globally with increasing attention to crypto-related financial crimes. Cutting off Huione’s access to the U.S. banking system would send a strong signal to similar structured platforms operating under radar, U.S. officials said.
However, the United Nations also warned that similar groups continue to emerge throughout Southeast Asia, which may undermine law enforcement efforts only for Huione. The public comment period for Fincen’s proposed rules will remain open 30 days after the publication of the Federal Register.
Meanwhile, the Ministry of Finance is expected to continue working with international partners and private sector agencies to track digital asset traffic and limit networks that promote cybercrime.
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