CoinPhoton
--
Huione Pay, the largest money laundering network in Cambodia, unexpectedly announced on December 1 that it will close from now until January 5, 2026, implementing a deferred repayment plan. The announcement has caused thousands of users to form long queues outside its Phnom Penh headquarters, fearing the loss of their deposits.
According to a notice posted at its headquarters, Huione Pay said it is facing a “mass withdrawal” from millions of accounts and will offer two options for users: purchase high-yield financial products and wait 18 months to withdraw the full principal (while interest can be withdrawn monthly), or choose not to participate in these products but only withdraw funds proportionally on a monthly basis after six months.
Huione Pay and the Huione Group were previously stripped of their licenses by the National Bank of Cambodia in June 2024 for “serious regulatory violations.” The U.S. also listed the group as a “major money laundering risk,” ordering U.S. financial institutions to sever all connections, as the group is accused of laundering money for transnational scam organizations, including cyberattacks and crypto fraud. Last November, South Korean crypto exchange Upbit also closed over 200 accounts linked to Huione due to suspected money laundering.
Observers have also pointed to links between Huione and the Hun Sen family, the powerful ruling family of Cambodia. Reports suggest family members may have indirect interests in some of Huione’s financial activities, strengthening their economic and political influence in the country. However, Cambodian authorities have not officially commented on these alleged links.
Huione Pay’s sudden closure has sparked significant concern in Cambodia, raising questions about financial transparency and oversight of informal financial networks amid tightening international regulations.
According to a notice posted at its headquarters, Huione Pay said it is facing a “mass withdrawal” from millions of accounts and will offer two options for users: purchase high-yield financial products and wait 18 months to withdraw the full principal (while interest can be withdrawn monthly), or choose not to participate in these products but only withdraw funds proportionally on a monthly basis after six months.
Huione Pay and the Huione Group were previously stripped of their licenses by the National Bank of Cambodia in June 2024 for “serious regulatory violations.” The U.S. also listed the group as a “major money laundering risk,” ordering U.S. financial institutions to sever all connections, as the group is accused of laundering money for transnational scam organizations, including cyberattacks and crypto fraud. Last November, South Korean crypto exchange Upbit also closed over 200 accounts linked to Huione due to suspected money laundering.
Observers have also pointed to links between Huione and the Hun Sen family, the powerful ruling family of Cambodia. Reports suggest family members may have indirect interests in some of Huione’s financial activities, strengthening their economic and political influence in the country. However, Cambodian authorities have not officially commented on these alleged links.
Huione Pay’s sudden closure has sparked significant concern in Cambodia, raising questions about financial transparency and oversight of informal financial networks amid tightening international regulations.
Жауапкершіліктен бас тарту туралы мәлімдеме: үшінші тараптардың пікірлері бар. Қаржылық кеңес емес. Ішінде жарнамалық контент болуы мүмкін. Шарттар мен талаптарды қараңыз.