TechFlow, May 2 — The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has proposed banning Cambodia-based Huione Group from accessing the U.S. financial system, citing suspected money laundering activities and links to North Korean hacking groups.
FinCEN alleges that between August 2021 and January 2025, Huione Group laundered over $4 billion in illicit funds, including $37 million in stolen assets from cyber thefts orchestrated by North Korea.
According to U.S. Treasury Secretary Besent, cryptocurrency trading platforms and online payment services operated by Huione Group have become the "go-to marketplace" for cybercriminals.
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