The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has proposed banning Huione Group from accessing the U.S. financial system

BlockBeats News, May 2, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) recently proposed to ban Cambodia's Huione Group from access to the U.S. financial system, citing allegations of money laundering activities and links to a North Korean hacking group. Treasury Secretary Scott Benton stated in a Thursday announcement: "This proposed action will sever Huione Group's channels in the correspondent banking business, weakening its ability to launder illicit proceeds."

Based on the rulemaking proposal under Section 311 of the USA PATRIOT Act, this rule would authorize FinCEN to require U.S. financial institutions to prohibit Huione Group and its affiliated entities from opening and maintaining accounts.

FinCEN alleges that from August 2021 to January 2025, Huione Group laundered over $4 billion of illicit funds, including $37 million in stolen assets from a North Korea-led cyber theft. Benton revealed that Huione Group's operated cryptocurrency exchange and online payment services have become a "preferred market" for cybercriminals.