The post Sanctioned Lender Huione Shuts Phnom Penh Branches, Halts Withdrawals appeared on BitcoinEthereumNews.com.

In brief Huione Group has closed its Phnom Penh branches following actions brought by the U.S. and UK cutting it out of the international banking system in October. The sanctioned conglomerate’s marketplace and escrow service have been tied to billions of dollars in illicit transactions, according to U.S. and UK authorities. Analysts say intensified enforcement, including FinCEN’s designation, may represent a decisive shift in the region’s illicit finance ecosystem. Branches of the sanctioned Cambodian conglomerate Huione Group’s Huione Pay banking services have closed their doors and halted cash withdrawals, with photos circulating on social media showing queues forming outside locked doors on Monday. The freeze follows the U.S. and UK cutting Huione off from the international banking system in October, part of a broader effort to disrupt Cambodia’s $19 billion-a-year industrialized scam economy. Huione has been described as “critical infrastructure” for those networks. Late last night, messages spread online claiming a major announcement was coming to stop cash withdrawals. This morning, crowds rushed to Huione branches to see if they could still cash out, only to find the rumored notice posted on the the entrance display. “Everyone is at a… https://t.co/lbuSOcehis pic.twitter.com/nfuGJcLxBT — Jacob in Cambodia 🇺🇸 🇰🇭 (@jacobincambodia) December 1, 2025 U.S. Treasury officials say at least $4 billion moved through Huione’s escrow services since 2021, although other estimates put the number as “at least” $11 billion. Funds linked to North Korea’s Lazarus Group, major scam compounds, and the $235 million WazirX hack were among the flows. “Pressure has been building for months—from Cambodia’s revocation of its banking licence to FinCEN’s move to identify Huione as a primary money laundering concern,” Angela Ang, Head of Policy and Strategic Partnerships, APAC at TRM Labs told Decrypt. “Huione may have been cavalier at first, but the impact has clearly caught up.…

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Filed under: News - @ December 2, 2025 6:25 pm