#SaylorBTCPurchase The US Department of the Treasury wants to sanction the Huione Group for its ties to crypto crime
The US Treasury has proposed cutting off the Huione Group's access to the US banking system, accusing it of being involved in cryptocurrency laundering.
The US Department of the Treasury seeks to block the Cambodia-based Huione Group's access to the US banking system, accusing it of helping the North Korea-backed Lazarus group launder crypto assets.
The Financial Crimes Enforcement Network (FinCEN) of the Treasury proposed on May 1 to prohibit US financial institutions from opening or maintaining correspondent or pass-through accounts for or on behalf of the Huione Group.
The Huione Group has established itself as the "market of choice for malicious cyber actors" such as the Lazarus Group, which has "stolen billions of dollars from ordinary American citizens," said US Treasury Secretary Scott Bessent in a May 1 statement.
"The action proposed today will cut off the Huione Group's access to correspondent banking, reducing these groups' ability to launder their illegally obtained profits."
The Huione Group has established a network of businesses that includes the payment services platform Huione Pay PLC, the cryptocurrency exchange Huione Crypto, and Haowang Guarantee, an online marketplace offering illicit goods and services.
