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Sanctioned Cambodian Lender Huione,
Sanctioned Cambodian Lender Huione, Linked to Illicit Crypto, Halts Business After Bank Run: Report
Sanctioned Cambodian Lender Huione, Linked to Illicit Crypto, Halts Business After Bank Run: Report
The scandal-plagued platform blamed a surge in withdrawals for its shutdown, the latest fallout from U.S. sanctions and money-laundering allegations targeting the wider Huione network.
By Sam Reynolds|Edited by Omkar Godbole
Dec 2, 2025, 6:49 a.m.
What to know:
- Huione Pay, a Cambodian financial company targeted by U.S. sanctions, froze withdrawals and suspended business operations, causing panic among users.
- U.S. and Cambodian authorities have accused Huione of involvement in money laundering and crypto scams, leading to its severance from the U.S. financial system.
- The company, which processed $98 billion in illicit crypto transactions, has rebranded as H-Pay amid ongoing financial scrutiny.
Cambodia's Huione Pay, a central node in the Huione family of financial companies targeted by U.S. sanctions, froze withdrawals on Monday and suspended business for more than a month, sparking panic among users who rushed to its headquarters seeking access to their savings, according to local media reports.
Regulators and U.S. authorities have long warned that Huione’s operations were intertwined with money laundering and crypto-based scam activity. FinCEN severed Huione Group's ties to the U.S. financial system earlier this year, and Cambodia’s central bank had already revoked Huione Pay’s license.
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According to prior CoinDesk reporting, Elliptic identified that Huione Pay and its Telegram-based marketplace Huione Guarantee processed as much as $98 billion in illicit crypto transactions before being shut down in 2025. Transactions included funds from virtual currency scams, cyber heists, and laundering operations linked to North Korea.
Crypto exchange Upbit said in November that it closed more than 200 accounts tied to Huione after detecting suspicious virtual asset flows it believed were being used for laundering.
Reportedly, the company has rebranded Huione Pay to H-Pay as part of the re-launch process.
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