TechFlow news, November 18 — According to Dlnews, an investigation by the International Consortium of Investigative Journalists (ICIJ) revealed that over $600 million in funds from Cambodian exchange Huione flowed into two major cryptocurrency exchanges, Binance and OKX.
The report showed that between July 2024 and July 2025, Binance held over $400 million in deposits from Huione, while OKX recorded $220 million in deposits over five months this year. The U.S. Department of the Treasury previously designated Huione as a money laundering entity in May, stating it laundered illicit digital assets for North Korean hacking groups and Southeast Asian scam operations.
A Binance spokesperson responded, "Allegations that Binance is 'turning a blind eye' to criminal activity are entirely incorrect," adding that Binance's exposure to illicit funds has declined by as much as 98% since 2023 according to data from Chainalysis and TRM Labs. An OKX spokesperson said the related fund flows represented only a tiny fraction of the platform's overall activity and that all interactions were suspended after the Treasury blacklisted Huione in October.
