Cambodian National Bank Shuts Down Huione Group for Money Laundering

On December 4, 2025, the Cambodian National Bank announced the closure of Huione Group, a payment service provider implicated in laundering over $4 billion in illicit funds since August 2021. This action follows a U.S. Treasury Department investigation that identified Huione as a central player in a global money laundering network, facilitating transactions for criminals, scammers, and hackers primarily in South Korea and Southeast Asia.

New York Times

Huione Group operated as a legitimate financial institution in Cambodia, which allowed it to mask its involvement in illegal activities. The organization was blacklisted by the U.S. Treasury Department in November 2025, prohibiting American financial institutions from engaging with its subsidiaries. The Cambodian National Bank's decision to revoke Huione's license and liquidate its assets marks a significant step in combating money laundering activities that exploit the financial system.

New York Times

According to the New York Times, Huione was linked to a marketplace that processed more than $26 billion in cryptocurrency transactions since 2021, making it the largest illicit internet marketplace globally. The complexity of these transactions made it challenging to distinguish between legitimate and illegitimate activities. The Cambodian National Bank emphasized the need for caution in cryptocurrency dealings, stating that no financial institutions in Cambodia are authorized to conduct such transactions.

New York Times

In its statement, the Cambodian National Bank highlighted the importance of vigilance in financial transactions involving crypto assets. The bank's announcement reflects a growing awareness of the risks associated with cryptocurrency and its potential for misuse in money laundering schemes. The National Bank urged all banking and financial institutions to exercise extreme caution.

New York Times

While the Cambodian National Bank's actions have been largely welcomed as a necessary step against financial crime, some critics argue that the measures may not be sufficient to address the broader issues of money laundering in the region. Concerns have been raised about the effectiveness of regulatory frameworks and the potential for similar operations to continue under different guises.

New York Times

There is a lack of clarity regarding the full extent of Huione's operations and the specific mechanisms used for laundering money. While the U.S. Treasury Department and the Cambodian National Bank have provided substantial information, details about the network's connections and the individuals involved remain sparse.

New York Times

• “The National Bank of Cambodia would like to remind the public as well as all banking and financial institutions to exercise extreme caution when conducting transactions involving crypto assets,” — National Bank of Cambodia

New York Times

• “ANew York Times investigation published in Marchfound that Huione’s group of companies wereat the heart of a global money laundering network.” — U.S. Treasury Department

New York Times

The closure of Huione Group represents a significant development in the fight against money laundering, highlighting the challenges posed by sophisticated financial networks that exploit both traditional and digital currencies.

New York Times