You Won’t Believe Why Huione Might Get Kicked Out of the US Financial System!

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Well, it looks like the US Treasury Department has a new “bad guy” to focus on: Huione Group, a Cambodia-based operation that might just be laundering billions of dollars in crypto. You know, the usual shady business that makes Wall Street look like a kids’ lemonade stand.

Apparently, the Financial Crimes Enforcement Network (FinCEN) has decided to drop a bombshell. They’re trying to sever Huione’s financial ties to the US, which is kind of a big deal since it involves North Korea-linked hackers and crypto fraud. As you do. 🎮💰

In a classic “You’re not welcome here” move, FinCEN’s latest proposal, based on the USA PATRIOT Act (because when you want to make something sound serious, throw in some words like “PATRIOT”), would block Huione from accessing the US financial system. And if this rule gets passed, banks in the US will have to “ghost” Huione and its partners like a bad date. 😬

FinCEN’s Take on Huione’s Crypto Crime Spree

Apparently, Huione has been busy. They allegedly helped launder over $4 billion from 2021 to 2025, including a tidy $37 million allegedly tied to North Korea’s hacking collective, the Lazarus Group. I mean, why stop at laundering when you can include high-profile hacks, right? 😜

FinCEN claims that Huione was more than just a crypto exchange — it was like a 7-11 for cybercriminals. You need a fake ID? Check. Scam toolkits? Got it. Payment systems to send your ill-gotten gains? Yep, all covered. Huione was apparently *the* place to be for any transnational criminal in Southeast Asia. 🕵️‍♂️💳

And if you thought that was bad, wait till you hear this: Huione launched its own stablecoin. Because nothing says “I’m serious about financial crime” like creating your own currency. Blockchain analysts say it’s basically a way to dodge those pesky regulators. Because who doesn’t want to make it harder to trace their dirty money? 😏

Treasury Secretary Scott Bessent says the goal is to “degrade these groups’ ability to launder their ill-gotten gains” by cutting off access to the US banking system. So basically, they want to slap a “No Entry” sign on Huione’s digital wallet. 🛑💸

In addition to all the crypto drama, the UN Office on Drugs and Crime has weighed in, calling Huione’s Haowang marketplace a “full-service shop” for cybercriminals. Need fake docs? Haowang’s got ’em. Scam toolkits? Check. Payment systems for shady dealings? You bet. And we all know the UN never exaggerates. 🙄

What Happens Next? Will the World Go After Huione? Who Knows!

This isn’t just a US problem, though. The UN is on the case, warning that groups like Huione are popping up all over Southeast Asia. It’s like playing Whack-a-Mole with cybercriminals. So while the US might be taking action, it’s not like this will end the party. The 30-day public comment period for the proposed rule starts soon, so let’s see how the internet reacts. 🙃

Until then, expect the Treasury to keep working with international partners and private companies to track down these crypto criminals. And who knows? Maybe Huione will be forced to take its party elsewhere. 🏝️

Featured image created with DALL-E, Chart from TradingView

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2025-05-03 09:46