🔥Huione Group's Banking Operations Halted Amid Sanctions🔥
The Huione Group, a sanctioned Cambodian conglomerate, has closed its Huione Pay banking branches in Phnom Penh and stopped cash withdrawals, leading to long queues outside locked doors. This action follows the U.S. and UK cutting Huione off from the international banking system in October, aiming to disrupt Cambodia's $19 billion scam economy. Huione has been labeled as essential for these illicit networks. Reports of a major announcement regarding cash withdrawals circulated online, prompting crowds to rush to branches, only to find a notice confirming the halt. U.S. Treasury officials estimate that at least $4 billion has flowed through Huione's escrow services since 2021, with some estimates suggesting the figure could be as high as $11 billion. The company has faced increasing scrutiny, with Cambodia revoking its banking license and FinCEN designating it as a primary money laundering concern. Despite the pressure, Huione has shown resilience, with alternative services emerging and the launch of a dollar-backed stablecoin.
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