Huione Group

Stories

US and UK sanction Prince Group, bar Huione Group from US banking system

Barred from US financial system under Section 311

The U.S. Treasury designated 146 targets linked to the Cambodia-based Prince Group, a network that runs online investment scams from compounds in Southeast Asia. The U.K. imposed matching sanctions, and the Financial Crimes Enforcement Network barred the Huione Group, a Cambodian financial conglomerate, from the U.S. banking system.

Updated Oct 12

International enforcement closes in on Southeast Asia's largest crypto fraud network

Rule Changes

Severed from US financial system; leadership extradited; platforms still partially operational

Cambodia extradited Li Xiong, former chairman of Huione Group, to China on April 2, making him the second senior figure removed. Blockchain analytics firm Elliptic calls it the largest illicit online marketplace ever documented and traced more than $89 billion in cryptocurrency flowing through its platforms. The platforms allegedly laundered proceeds from romance scams, cyber heists, and North Korean state-sponsored theft.

Updated May 30