'Largest online black market' shuts down after bank run

Huione Pay, identified as the world's largest money laundering network operating out of Cambodia, has announced a temporary halt to its operations following a significant bank run. The company has implemented a deferred repayment plan, leading to the formation of large queues of users outside its headquarters in Phnom Penh, the nation's capital.

Huione's Role in Illicit Activities

Established in 2014, Huione Group is a financial services conglomerate based in Cambodia with a substantial user base among Chinese-speaking individuals across Southeast Asia. The company's cryptocurrency exchange, Huione Crypto, operated with minimal Know Your Customer (KYC) and anti-money laundering (AML) requirements, which facilitated the onboarding of numerous illicit actors.

Over the years, Huione has become a prominent platform for cryptocurrency heists linked to North Korea, as well as various cybercrimes, including romance scams. An analysis by TRM Labs on July 30 revealed that infrastructure associated with Huione has received over $96 billion in cryptocurrency since 2021. Furthermore, Huione Guarantee, an escrow service offered by the company, gained considerable traction among money launderers operating on Telegram.

Authorities Target Huione

Regulatory bodies have increasingly focused on Huione's operations. In March, Cambodia's financial regulator revoked Huione Pay's license, citing compliance violations and referring to it as the world's "largest online black market."

In May, the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of the Treasury, designated Huione Group as a financial institution of "primary money laundering concern" and proposed measures to restrict its access to the U.S. financial system. Following FinCEN's advisory, Telegram removed channels associated with Huione Group in May.

Further action was taken in October when FinCEN finalized its rule, effectively severing Huione Group's ties to the American financial system. In the same month, FinCEN, the Office of Foreign Assets Control (OFAC), and the United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO) jointly imposed extensive sanctions against the Huione Group. These sanctions were levied due to allegations of laundering proceeds from cryptocurrency scams and heists on behalf of malicious actors.

Bank Run Forces Temporary Shutdown

On December 1, Huione Pay temporarily ceased its operations, with a scheduled reopening on January 5, 2026. The company has also frozen all withdrawals, according to a local news report. The branches of the financial company in Phnom Penh have been closed, and social media platforms are circulating images of customers gathered outside the locked premises.

The on-chain security analysis platform Chainalysis, in its "2025 Crypto Crime Mid-year Update," reported that crypto assets valued at over $2.17 billion had been lost as of July 17. The report cautioned that if current trends persist, the total value of stolen funds from such services could exceed $4 billion by the end of the year.