In accordance with BitJie, Huione Pay, the core node of Huione Financial Group, froze withdrawals and suspended operations for over a month after a bank run, sparking panic among users. The company has long been warned by regulators and U.S. authorities for its ties to money laundering and crypto fraud. FinCEN severed the group’s connection to the U.S. financial system, and Cambodia’s central bank had previously revoked Huione Pay’s license. According to CoinDesk, Elliptic found that Huione Pay and its Telegram-based market Huione Guarantee processed up to $98 billion in illegal crypto transactions before closing in 2025, including funds from scams, cyber theft, and North Korea-related money laundering. Upbit closed over 200 Huione-linked accounts in November after detecting suspicious virtual asset flows, suspecting money laundering. Huione Pay is reportedly rebranded as H-Pay as part of a relaunch.
Sanctioned Cambodian Lender Huione Linked to Illegal Crypto, Halts Operations After Bank Run
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