U.S. Treasury Proposes to Block Cambodia-based Huione Group from Accessing U.S. Banking System

May 2 news, according to Cointelegraph, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has proposed to prohibit U.S. financial institutions from opening or maintaining correspondent accounts or payable-through accounts for or on behalf of the Cambodia-based Huione Group. U.S. Treasury Secretary Scott Bessent stated in a May 1 statement that the Huione Group has become a "preferred market for cybercriminals" like the Lazarus Group, who have "stolen billions of dollars from ordinary Americans." The Huione Group has established a business network that includes the payment service platform Huione Pay PLC, the cryptocurrency exchange Huione Crypto, and the online trading platform Haowang Guarantee, which provides illegal goods and services.