https://coinalertnews.com/news/2025/10/15/a8fa9b9aeb9aef7de4de6791157df377

Cryptocurrency exchange OKX has taken decisive action against Huione Group, a Cambodia-based conglomerate, following its designation as a primary money laundering concern by the U.S. Financial Crimes Enforcement Network (FinCEN). OKX has implemented strict anti-money laundering measures, including freezing assets, terminating accounts, and intensifying compliance checks on transactions linked to the group.

The U.S. authorities invoked Section 311 of the USA PATRIOT Act on October 14, 2025, effectively cutting off Huione Group from the American financial system. This move prohibits U.S. banks from handling its transactions or maintaining accounts. Huione Group has been accused of laundering over $4 billion in illicit crypto funds between August 2021 and January 2025, with ties to online investment scams, cybercrime, and human trafficking networks in Southeast Asia.

In an October 15 post from its Chinese language X account, OKX stated: "Huione Group has caused significant damage to the cryptocurrency sector... We remain committed to providing our clients with a secure and reliable trading platform, and will take all necessary steps to safeguard the trust placed in our products and services." The exchange confirmed that all deposits and withdrawals connected to Huione Group will undergo compliance investigations, and funds may be frozen or accounts terminated if involvement is proven.

Despite these measures, Huione Group has adapted by shifting operations to rebranded domains and over 30 new Telegram-based marketplaces since May 2025, following the removal of its official channels. This highlights ongoing challenges in monitoring and enforcement, with platforms like OKX emphasizing real-time surveillance to protect the crypto ecosystem.