huionepay

Huione Pay Freeze Sparks Panic as U.S. Sanctions Hit Hard

Cambodia's Huione Pay, long flagged by U.S. and regional regulators, has officially frozen withdrawals and suspended operations for over a month, triggering panic among thousands of users. Crowds reportedly rushed to the company's headquarters seeking answers after access to their savings abruptly vanished.

For several years, U.S. authorities and Cambodian regulators have warned that Huione's financial network was deeply entangled with money-laundering pipelines, cybercrime rings, and crypto scam operations. FinCEN already cut the Huione Group off from the U.S. financial system earlier this year, while Cambodia's central bank revoked Huione Pay's license.

Blockchain forensics firm Elliptic earlier identified close to $98 billion in illicit crypto flows moving through Huione Pay and its Telegram-based marketplace Huione Guarantee, including funds tied to global scam syndicates, cyber heists, and even North Korea–linked laundering activity.

In November, crypto exchange Upbit shut down more than 200 accounts linked to Huione after detecting suspicious asset movements believed to be part of laundering networks.

Now, amid heightened scrutiny and a full operational freeze, the company reportedly changed the Huione Pay branding to “H-Pay” as part of an attempted relaunch.

Whether the new branding will manage to escape the weight of U.S. sanctions and global investigations is yet to be seen.

#HuionePay #HPay #CryptoScams #Write2Earn