Huione Shuts Down Phnom Penh Branches Amid International Sanctions
The Cambodian financial conglomerate, Huione Group, recently closed its Phnom Penh branches and suspended cash withdrawals following stringent actions by the U.S. and UK governments. This development underscores intensifying efforts to combat illicit financial practices in Cambodia’s evolving scam economy.
What Led to the Shutdown?
In October 2025, Huione was officially cut off from the international banking system as part of a crackdown aimed at disrupting Cambodia’s $19 billion industrial-scale scamming operations. The company’s payment and escrow services were deemed “critical infrastructure” for these networks. According to U.S. Treasury reports, more than $4 billion—and potentially up to $11 billion—flowed through Huione’s platforms since 2021, allegedly supporting illicit activities like money laundering and the exchange of hacked funds.
Angela Ang, a policy expert at TRM Labs, notes that “Huione may have been cavalier at first, but the enforcement measures—spanning licence revocations to FinCEN’s designation as a primary money laundering concern—have finally caught up.”
The Role of Huione in Cambodia’s Scamming Industry
Founded in 2014, Huione targeted primarily Chinese-speaking users, offering a wide range of financial services, including bill payments, escrow solutions, and currency transfers. Its now-defunct subsidiary, Huione Guarantee, reportedly facilitated transactions for scam operators, connecting buyers and sellers for tools like fraudulent website templates and other items used in online scams. The conglomerate even launched a stablecoin, USDH, marketed as “censorship-resistant” and backed by its proprietary blockchain called Xone, previously known as Huione Chain.
Sanctions and Cambodia’s Larger Problem
The UN estimates that over 100,000 individuals in Cambodia work in scam hubs, many under forced conditions. Huione has been accused of enabling these operations by providing financial rails to sustain them. Earlier this year, Cambodian financial regulators revoked the company’s licence, citing compliance violations. Yet, Huione pivoted quickly, claiming it no longer relied on licensing for its operations, while U.S.-UK pressure continued to mount.
What’s Next for Cambodia’s Finance Ecosystem?
Though Huione Group has shut down its services for now, alternative platforms—such as Tudou Guarantee, partially owned by Huione—are attempting to fill the void. Industry insiders caution that the long-term impact of these sanctions could spark a broader reshaping of illicit finance networks in Southeast Asia.
Finding Transparency in Financial Services
If you’re concerned about transparency in modern banking and protecting your finances, consider reputable international alternatives. For instance, Revolut, an award-winning financial solutions platform, offers secure international transactions and transparent fee structures. With ongoing crackdowns on financial crime, choosing a trusted and regulated service is imperative for peace of mind.
