The US Treasury Department proposes to block Cambodia based Huione Group from entering the US banking system

According to Cointelegraph, the Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department has proposed to prohibit US financial institutions from opening or maintaining proxy or payment accounts for or on behalf of Huione Group, headquartered in Cambodia. In a statement on May 1, Scott Bescent, the US Treasury Secretary, said that the Huione Group had become the "preferred market for cyber criminals" like Lazarus Group, who "stole billions of dollars from ordinary Americans". Huione Group has established a business network that includes payment service platform Huione Pay PLC, cryptocurrency exchange Huione Crypto, and online trading platform Haowang Guarantee, which provides illegal goods and services.