Huione Faces US Ban for Alleged Ties to Lazarus Group

Cryptos: 21,330
Exchanges: 1,863
Market Cap: $3.38T 0.25%
24h Vol: $344,136,426,158 35.05%
Dominance: BTC: 63.2% ETH: 8.9%
Gas: 0 GWEI

Connect

Crypto News Regulation

Huione Group Faces US Ban for Alleged Ties to North Korea's Lazarus Group

Written by Aaron S.,

Editor-In-Chief

Last Updated: May 02, 2025

Key Takeaways

The US Treasury plans to block Huione Group from the US banking system over crypto laundering links;
Officials say Huione helped move $4 billion in illegal funds, including scams and North Korean cyber theft;
A new rule would also stop foreign banks from routing Huione’s transactions through US accounts.

Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now ! 🔥

Huione Group Faces US Ban for Alleged Ties to North Korea's Lazarus Group

BITDEGREE IN YOUR SOCIAL FEED

The US Treasury Department has announced plans to stop Cambodia’s Huione Group from accessing the US banking system.

Officials believe the company has played a role in helping North Korea’s Lazarus Group hide stolen cryptocurrency.

On May 1, the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a new rule. It would prevent US banks from opening or keeping accounts connected to Huione Group. The plan also includes stopping foreign banks from moving money through US accounts on Huione’s behalf.

How to Store NFTs in 2023 (3 Most Secure Ways Explained)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

Treasury Secretary Scott Bessent said the group has become a "marketplace of choice" for hackers like Lazarus, who have taken billions of dollars from US citizens. He added that cutting off Huione’s access to banking would make it harder for criminals to hide illegal funds.

Though Huione Group does not have direct accounts with American banks, it works with foreign banks that do. This indirect link still allows it to move funds connected to illegal activities.

According to FinCEN, between August 2021 and January 2025, Huione helped move at least $4 billion in illegal funds. Over $36 million of this came from so-called "pig butchering" scams, where victims are tricked into fake online investments. Another $37 million was linked to hacking groups connected to North Korea.

The Treasury said that Haowang Guarantee has turned Huione Group into a central place for criminals to exchange stolen cryptocurrency for cash.

The proposed rule will be open for public comment for 30 days before it can be put into effect.

Recently, the Australian Transaction Reports and Analysis Centre (AUSTRAC) issued a warning to inactive cryptocurrency exchanges. What did the warning say? Read the full story.