Huione Group laundered over $4B tied to crypto scams and North Korean cyber operations.
FinCEN proposed banning Huione from U.S. banks under Section 311 of the Patriot Act.
Huione launched a stablecoin to bypass enforcement and aid transnational laundering.
The United States Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed a rule that would bar the Cambodia-based Huione Group and its affiliates from accessing the U.S. financial system. The agency cited serious allegations of money laundering tied to cybercrime operations, including links to the North Korean hacker group Lazarus.
The Financial Crimes Enforcement Network identified Huione as responsible for laundering $4 billion between August 2021 and January 2025 through North Korean cyber thefts, amassing at least $37 million. According to Treasury Secretary Scott Bessent, the USA PATRIOT Act Section 311 proposed action seeks to interrupt Huione’s role as a financial channel benefiting illicit actors.
“This proposed action will sever Huione Group’s access to correspondent banking, degrading these groups’ ability to launder their ill-gotten gains,” Bessent said in a formal …
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