Cambodia’s Huione Pay, a central node of the Huione family of financial companies targeted by US sanctions, froze withdrawals on Monday and suspended business for more than a month, causing panic among users who rushed to its headquarters seeking access to their savings, according to local media reports.
US regulators and authorities have long warned that Huione’s operations were intertwined with money laundering and cryptocurrency-based fraudulent activities. FinCEN cut Huione Group’s ties to the US financial system earlier this year, and Cambodia’s central bank had already revoked Huione Pay’s license.
According to previous CoinDesk reporting, Elliptic identified that Huione Pay and its Telegram-based marketplace Huione Guarantee processed up to $98 billion in illicit crypto transactions before being shut down in 2025. The transactions included funds from virtual currency scams, cyber heists, and laundering operations linked to North Korea.
Cryptocurrency exchange Upbit said in November that it closed more than 200 accounts linked to Huione after detecting suspicious flows of virtual assets that it believed were being used for laundering.
The company has reportedly rebranded Huione Pay as H-Pay as part of the relaunch process.
