Cambodia's Huione Group: A Financial Giant's Downfall
Banking Service Shutdown
The Huione Group, a major player in Cambodia's financial scene, has hit a rough patch. Recently, its banking service, Huione Pay, shut down branches and stopped cash withdrawals. People were seen lining up outside closed doors, hoping to get their money out.
International Banking System Cut-Off
This isn't just bad luck; it's the result of big trouble from abroad. The U.S. and UK have cut Huione off from the international banking system. They say Huione has been a key player in Cambodia's massive scam economy, which brings in about $19 billion every year.
Money Laundering Allegations
Officials claim that at least $4 billion, maybe even $11 billion, moved through Huione's services since 2021. This money is linked to:
- North Korean hackers
- Big scam operations
- A huge hack of the crypto exchange WazirX
Huione's Background
Huione started around 2014 and has been offering financial services, mainly to Chinese-speaking users. It became famous for its escrow service, which helped people:
- Launder money
- Sell scam website templates
- Trade items like tasers
Cambodia's Scam Hotspot
Cambodia has become a hotspot for large-scale online scams, with over 100,000 people working in these scam compounds, some against their will.
Regulatory Pressure
The pressure on Huione has been building for months:
- March: Cambodia's financial regulator revoked Huione Pay's license, but Huione said it didn't need it anymore.
- May: The U.S. Financial Crimes Enforcement Network (FinCEN) named Huione a primary money laundering concern.
Alternative Services
Despite all this, Huione has been tough to take down. Alternative services have popped up, like Tudou Guarantee, which is partly owned by Huione and has been growing fast.
