Last year, stablecoin transactions surged significantly between South Korean cryptocurrency exchanges and Cambodian platforms. According to figures revealed by opposition lawmaker Lee Yang-soo, the transfers jumped almost 1,400 times from just $6,400 in 2023 to over $8.9 million in 2024. The surge raises concerns about potential money laundering involving sanctioned entities in Cambodia. Data from Yonhap shows transactions between five South Korean exchanges and Huione Guarantee – a firm blacklisted by both the US and UK – rose dramatically. Nearly all these transfers were in Tether’s USDT stablecoin, accounting for 99.9% of the total volume. Bithumb led the transfers, processing about $8.6 million worth of stablecoin transactions with Cambodia. Upbit followed with smaller amounts, while Coinone and Korbit also saw modest activity. Gopax reported no related activity, according to the report. Despite exchange restrictions introduced in May 2025, these transfers continued into this year, suggesting gaps in existing monitoring systems.