The U.S. Treasury proposes a ban on Huione Group due to alleged illicit activities, specifically money laundering linked to a North Korean hacking group. This proposal could impact $24 billion in transactions and disrupt multiple crypto flows, highlighting concerns over the group's banking accessibility.
By targeting Huione Group, FinCEN aims to sever its banking channels, limiting its capacity for handling illicit funds. U.S. Treasury Secretary Scott Benton emphasized the significance of this move, which reflects the growing scrutiny on cryptocurrency transactions.
Market reactions indicate potential shifts amid regulatory challenges, with Bitcoin maintaining its market position despite these pressures. The Huione case underscores the need for stricter compliance and regulation in digital assets.
Full story here: https://coincu.com/335308-treasury-targets-cambodian-firm
