The Financial Crimes Enforcement Agency of the US Treasury Department proposes to ban Huione Group from accessing the US financial system

According to BlockBeats, on May 2nd, the Financial Crimes Enforcement Agency (FinCEN) of the US Treasury Department proposed to ban Cambodia's Huione Group from accessing the US financial system, citing suspected money laundering activities and links to North Korean hacker groups. In a statement on Thursday, Treasury Secretary Scott Besant stated that this proposed measure will cut off Huione Group's access to proxy banking services and weaken its ability to launder illegal gains. '' The proposed rule under Section 311 of the Patriot Act would authorize FinCEN to require financial institutions within the United States to prohibit Huione Group and its affiliated entities from opening and managing accounts. FinCEN alleges that between August 2021 and January 2025, Huione Group laundered illegal funds worth over $4 billion, including stolen assets worth $37 million in a North Korean led cyber theft case. Besent revealed that the cryptocurrency trading platform and online payment service operated by Huione Group have become the "preferred market" for cybercriminals.