U.S. Treasury proposes blocking Cambodia-based Huione Group from access to U.S. banking system

On May 2nd, according to Cointelegraph, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) proposed to prohibit U.S. financial institutions from opening or maintaining agent or payable accounts for Huione Group, headquartered in Cambodia, or representing the group. U.S. Treasury Secretary Scott Bessent stated in a declaration on May 1st that Huione Group has become the "preferred market for cybercriminals like Lazarus Group," who have "stolen billions of dollars from ordinary Americans." Huione Group has established a business network that includes the payment service platform Huione Pay PLC, the cryptocurrency exchange Huione Crypto, and the online trading platform Haowang Guarantee that offers illegal goods and services.