The National Bank of Cambodia revoked Huione Pay's banking license following accusations that it was involved in the world's largest illicit online marketplace, processing around $24 billion in transactions since 2021. The conglomerate, linked to Cambodia's expansive cyberscam industry worth an estimated $11 billion, is facing mounting pressure from both China and Western governments to reign in these illicit operations. Despite significant allegations against it, Huione Group claims it voluntarily relinquished its banking license and is pursuing new licenses in other countries, maintaining that the accusations are unfounded.
Huione Group's banking arm, Huione Pay, had its license revoked by Cambodia's central bank due to noncompliance with regulations related to its alleged illicit online marketplace operations.
The group is accused of being a significant player in Cambodia's cyberscam industry, which reportedly could be generating up to $11 billion a year, equating to a significant portion of the nation's economy.
Cambodia's government faces international pressure to address this illicit trade, with some sources suggesting the banking license revocation is a gesture to appease these external demands.
Despite the tarnished reputation and serious allegations against its operations, Huione Group maintains its innocence and is seeking new banking licenses in Japan and Canada.
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