The National Bank of Cambodia revoked Huione Pay's banking license amid allegations the company facilitated the world's largest illicit online marketplace, processing up to $24 billion in illegal transactions since 2021. The scandal highlights the broader issue of Cambodia's burgeoning cyberscam industry, estimated to generate $11 billion annually. The Cambodian government's ties to the Huione Group, especially through director Hun To, raise concerns of corruption. While Huione Group denies wrongdoing, their response suggests they are seeking ways to navigate regulatory pressures by applying for new licenses in other jurisdictions.
Huione Group has been accused of running the world’s largest illegal online marketplace, processing transactions worth $24 billion since 2021, challenging regulatory measures.
The revocation of Huione Pay's banking license reflects growing pressure on Cambodia's government to address the rampant cyberscam industry linked to Huione Group.
Despite allegations, Huione Group claims to have voluntarily given up its banking license while seeking new opportunities elsewhere, indicating a potential strategy to evade scrutiny.
The involvement of Hun To, a cousin of the Cambodian Prime Minister, raises concerns about corruption and the intertwining of politics and illicit activities in the country.
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