Huione Pay closes after allegations of laundering $98 billion

Key points:

• Huione Pay has frozen withdrawals and suspended operations, prompting a mass influx of customers to the company’s offices.
• US and Cambodian regulators previously accused the Huione network of money laundering and processing illegal cryptocurrency transactions worth up to $98 billion.
• The company has rebranded and is attempting to relaunch under the new name H-Pay.

Huione Pay, one of the key companies in the Huione group and a figure on the US sanctions list, has suspended operations for more than a month and blocked withdrawals. The decision provoked a sharp reaction from customers: users flocked to the company’s office in Phnom Penh, trying to access their money.

Источник: cc-times.com

Huione has been under close scrutiny by the US and Cambodian regulators for a long time. The company is accused of participating in money laundering schemes, virtual currency fraud, and servicing criminal networks, including structures linked to North Korea. Following tighter controls, the Central Bank of Cambodia revoked Huione Pay’s license, and FinCEN effectively cut Huione Group off from the US financial system.

According to Elliptic, Huione Pay and its affiliated trading platform Huione Guarantee, which operated primarily through Telegram, were involved in processing illegal cryptocurrency transactions worth up to $98 billion. These flows included stolen assets, proceeds from fraudulent schemes, and transfers related to cybercrime.

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Money laundering allegations intensified

Throughout 2025, pressure on Huione intensified. Major market players began blocking related accounts and transactions. In November, South Korean exchange Upbit closed more than 200 accounts linked to the Huione network after detecting suspicious fund movements.

US authorities have repeatedly emphasized that platforms belonging to the Huione group were used as intermediaries in criminal schemes, including large-scale cyber heists. According to investigations, a significant portion of the transactions were conducted outside of standard banking procedures, using dummy accounts and messenger channels.

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Relaunch under a new brand

Amid pressure, Huione Pay announced a rebranding and transition to a new name, H-Pay. This decision was part of an attempt to restructure operations after the shutdown and try to regain user trust.

However, the temporary suspension of operations and freezing of funds have heightened customer concerns. Given the scale of the allegations, experts doubt that the relaunch will allow the company to restore its previous volume of operations.

The Cambodian and US authorities continue to monitor Huione’s activities, and any new attempts to enter the market will be subject to strict supervision.