U.S. Treasury Targets Huione Group for Crypto Laundering Allegations

The U.S. Treasury is proposing to block the Huione Group, a Cambodian conglomerate linked to the illicit online marketplace, from accessing the American financial system. The move follows an investigation by the Financial Crimes Enforcement Network (FinCEN) that alleges Huione has facilitated billions in illicit funds through a network of businesses. FinCEN’s proposed rule aims to prevent U.S. institutions from working with Huione, effectively cutting it off from American banking services.