Cambodian company Huione Pay, a central node in the Huione family of financial firms targeted by U.S. sanctions, froze withdrawals on Monday and suspended operations for more than a month, sparking panic among users who rushed to its headquarters seeking access to their savings, according to local media.
U.S. regulators and authorities have long warned that Huione’s operations were linked to money laundering and crypto-based scam activities. FinCEN severed Huione Group’s ties to the US financial system earlier this year, and Cambodia’s central bank had already revoked Huione Pay’s license.
According to a previous CoinDesk report, Elliptic identified that Huione Pay and its Telegram-based marketplace, Huione Garantie, processed up to $98 billion in illicit crypto transactions before being shut down in 2025. The transactions included funds from virtual currency scams, cyber thefts, and laundering operations linked to North Korea.
Cryptocurrency exchange Upbit said in November it closed more than 200 accounts linked to Huione after detecting suspicious virtual asset flows that it said were being used for laundering purposes.
Reportedly, the company has rebranded Huione Pay to H-Pay as part of the relaunch process.
