Cambodia’s Huione Pay, a central node within the Huione family of financial companies targeted by U.S. sanctions, iced up withdrawals on Monday and suspended swap for extra than a month, sparking apprehension among users who rushed to its headquarters searching out for catch correct of entry to to their financial savings, in response to local media experiences.
Regulators and U.S. authorities have faith lengthy warned that Huione’s operations were intertwined with money laundering and crypto-based completely rip-off job. FinCEN severed Huione Group’s ties to the U.S. financial draw earlier this twelve months, and Cambodia’s central bank had already revoked Huione Pay’s license.
Per prior CoinDesk reporting, Elliptic acknowledged that Huione Pay and its Telegram-based completely market Huione Guarantee processed as significant as $98 billion in illicit crypto transactions before being shut down in 2025. Transactions included funds from virtual currency scams, cyber heists, and laundering operations linked to North Korea.
Crypto swap Upbit said in November that it closed extra than 200 accounts tied to Huione after detecting suspicious virtual asset flows it believed were being obsolete for laundering.
Reportedly, the firm has rebranded Huione Pay to H-Pay as segment of the re-launch course of.
