The U.S. Treasury Designates Huione Group as Major Player in Money Laundering Operations after Investigation of Their Business Activities
In a significant move, the U.S. Financial Crimes Enforcement Network (FinCEN) has designated Huione Group, a conglomerate based in Cambodia and registered in China Hong Kong, as a primary money laundering concern under Section 311 of the USA PATRIOT Act [1][3][5]. This designation prohibits U.S. financial institutions from maintaining correspondent accounts with Huione due to its involvement in illicit financial activities.
The group operates or is associated with the online fraud marketplace known as Huione Guarantee, which has been characterised as part of a “network scam industrial ecosystem” within Southeast Asia, involved in various cyber frauds [2].
Following the FinCEN designation, data shows Huione-linked wallets have actively moved massive volumes of Tether (USDT) cryptocurrency. Between May 1 and June 17, 2025, these wallets transferred approximately $10.2 billion USDT primarily on the Tron blockchain and hundreds of millions on Ethereum, including around $942.9 million USDT transferred into centralized exchanges (CEXs) despite efforts to restrict them [1].
These transactions reveal complex layering techniques to obscure the illicit origins of the funds. This involves routing through nested service providers, over-the-counter (OTC) desks, decentralized exchanges (DEXes), and cross-chain bridging (notably between Ethereum and Tron). Such sophistication helps Huione to camouflage laundering activities and evade direct exchange scrutiny [1][3].
In particular, Huione Pay, a Cambodian-based service linked to Huione, was specifically designated by FinCEN as a major money laundering facilitator, heavily involved in laundering proceeds from scams such as the CBEX Ponzi scheme, which defrauded African investors [3][5]. Transfers were often batched and sent to numerous centralized exchanges, highlighting the scale and reach of Huione’s laundering networks.
Research from an unspecified blockchain analytics company has further exposed Huione Guarantee as a multi-billion dollar marketplace for online fraudsters. Merchants on the market sell technology, personal data, and money laundering services [4]. This information allows customers to protect themselves from exposure to illicit activity on Huione Guarantee.
Huione Group has launched a US dollar stablecoin, a blockchain, a crypto exchange, and a messaging app. Thousands of wallet addresses associated with Huione businesses and illicit vendors operating on Huione Guarantee have been identified [4].
This case exemplifies how illicit groups leverage cryptocurrency’s cross-border and pseudonymous features alongside layered transactional methods to conduct high-volume international money laundering even after official crackdown [1][2][3][5].
References: [1] Unnamed blockchain analytics company report (2025) [2] Our website blog post: https://www.ourwebsite.com/blog/huione-largest-ever-illicit-online-marketplace-stablecoin [3] FinCEN proposed rulemaking (2025) [4] Unnamed blockchain analytics company report (2025) cited in FinCEN's proposed rulemaking (2025) [5] U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) designation (2025)
- The "Huione Group," a conglomerate under FinCEN's radar due to its money laundering activities, operates the online fraud marketplace, Huione Guarantee, which has been labelled as part of a "network scam industrial ecosystem" [2].
- Elliptic blockchain analytics revealed Huione-linked wallets moving billions of USDT across various blockchains, including Tron and Ethereum, with a significant portion funneled into centralized exchanges despite efforts to restrict them [1].
- Huione Pay, a service linked to Huione, has been singled out by FinCEN as a major money laundering facilitator, involved in laundering proceeds from scams like the CBEX Ponzi scheme [3].
- According to an unspecified blockchain analytics company, Huione Guarantee is a multi-billion dollar marketplace for online fraudsters, selling technology, personal data, and money laundering services [4]. This insights can serve as a warning for individuals against exposure to illicit activities on the platform.
