The National Bank of Cambodia confirmed this week that Huione Pey, the financial arm of Cambodia’s conglomerate, accused of promoting illegal online transactions, has been stripped of her banking license, accused of promoting illegal online transactions.
According to radio free Asia Exclusivethe company is part of the Huione Group, an entity that oversees a variety of financial and market platforms. Among them is a telegram-based market linked to an estimated $24 billion of illegal transactions, according to blockchain analytics firm Elliptic.
The National Bank of Cambodia said the reason it revoked Huione Pei’s license was because it violated financial regulations. A bank spokesman emailed Radio Free Asia (RFA) on Thursday in an email that it failed to comply with existing rules and recommendations.
Still, officials did not specify the exact date of the license withdrawal or the consequences Huione Pay could face if it continued to operate.
The allegations are wrong, says Huione Pay.
RFA confirmed that Huione Pay has It was rejected An allegation of criminal conduct. In response to allegations made by Elliptic, they created them as facilitators of illegal transactions, and the company claimed that its platform, Haowang Guarantee, simply provides escrow services and does not conduct direct transactions.
The company said it explained that suspicious sales involvement was not about knowledge, and that products such as “detention devices” account for less than 0.01% of the list and could be intended for legitimate law enforcement use.
“Our official website has a contact email. This is not something that a so-called blockchain analytics company has ever asked us to contact us to confirm the information or to delete the information before publishing the analysis report. Instead, they intentionally published the article directly to attract attention. Initially, I deleted this information as soon as possible after looking at the media reports. Media friends, beware of this. ” Huione repeatedly delved into the investigation of blockchain security analysts.
Elliptic has published it Report In July 2024, the company calls it the “Hub of Online Scammers” that is carrying out scams across a variety of industries. The platform is said to have provided a route for criminals to participate in illegal activities, including money laundering, identity theft and selling technology used for fraud.
According to Elliptic, thousands of vendors operate under Huione Guarantee and provide services that enable organized criminal groups to carry out fraud around the world. Researchers at the security company have revealed a list of stolen personal data, money laundering services and even electrified shackles.
Following the report, Huione Warranty changed its policy and explicitly banned lists related to human trafficking, firearms and terrorism. Still, Naysayers argues that the company’s previous inaction has enabled criminal enterprises to thrive on the platform.
Recent news shows that the platform’s operation was still open in January. update analysis The cryptocurrency wallets linked to Huione Guarantee and their vendors have revealed that they have received at least $24 billion in transactions so far. Although monthly inflows have skyrocketed by 51% since the July report, the platform’s user base has grown to over 900,000.
Stablecoin Publisher Tether In conjunction with authorities, they have frozen $29.62 million worth of USDT on the Tron blockchain related to Huione Pay. The frozen funds are believed to be related to transactions promoted by Huione Pay. The company suspects it plays a role in processing illegal payments.
Tether continues efforts to stop illegal trade
In separate but related news, Tether has frozen $27 million in USDT linked to a licensed Russian crypto exchange Garantex. The exchange, which was under US and European sanctions, announced on March 6 that Tether’s actions had forced them to stop the operation.
garantex Confirmed Tether urged to stop all transactions, including drawers, via Telegram, which blocked the wallet containing 2.5 billion rubles ($27 million).
The exchange’s website is currently undergoing maintenance and law enforcement agencies, including the US Secret Service, the Dutch National Police and the German Federal Criminal Police, have seized the territory.
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