Huione Pay, the financial arm of a Cambodian conglomerate, has had its banking license revoked by the National Bank of Cambodia. The company, accused of facilitating illicit online transactions, is part of Huione Group, which oversees various financial and marketplace platforms. It is linked to a Telegram-based marketplace that has reportedly facilitated approximately $24 billion in illicit transactions. The National Bank of Cambodia stated that the license was withdrawn due to noncompliance with financial regulations. Huione Pay denies the allegations and claims that its platform provides escrow services rather than directly conducting transactions. However, blockchain analytics firm Elliptic has labeled the company a "hub for online fraudsters," enabling illegal activities such as money laundering and the sale of fraudulent technology. Recent analysis shows that cryptocurrency wallets linked to Huione Guarantee and its vendors have received at least $24 billion in transactions. Additionally, Tether has frozen $29.62 million worth of USDT on the TRON blockchain associated with Huione Pay, suspecting the funds are related to illicit payments.



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