The US Treasury Department is moving to block the Cambodia-based Huione Group from accessing the American banking system, accusing them of aiding North Korea's Lazarus Group in laundering cryptocurrency. FinCEN proposed a ban on US financial institutions from dealing with Huione Group due to their association with cybercriminals. Despite not having direct accounts with US banks, Huione Group has ties to foreign firms that do. The Treasury alleges that Huione Group has laundered over $4 billion in illicit funds, including $37 million linked to North Korean cyberattacks. The company's activities, including the creation of a stablecoin, have raised concerns about money laundering. The National Bank of Cambodia has already revoked their local banking license. This move is part of a broader crackdown on illicit financial activities involving cryptocurrencies. Read more AI-generated news on: https://app.chaingpt.org/news