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The United States Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed a rule that would bar the Cambodia-based Huione Group and its affiliates from accessing the U.S. financial system. The agency cited serious allegations of money laundering tied to cybercrime operations, including links to the North Korean hacker group Lazarus. The Financial Crimes Enforcement Network identified Huione as responsible for laundering $4 billion between August 2021 and January 2025 through North Korean cyber thefts, amassing at least $37 million. According to Treasury Secretary Scott Bessent, the USA PATRIOT Act Section 311 proposed action seeks to interrupt Huione’s role as a financial channel benefiting illicit actors. “This proposed action will sever Huione Group’s access to correspondent banking, degrading these groups’ ability to launder their ill-gotten gains,” Bessent said in a formal statement released Thursday. FinCEN’s filing accused Huione of supporting a wide array of illegal activity, including transnational crypto scams and so-called “pig butchering” frauds. Using fake romance or investment schemes, these scams lure victims into fake romantic or investment schemes, extracting crypto assets from their victims. According to blockchain analytics firm Elliptic, Huione offered personal data services, hosted payment platforms, and operated online marketplaces used by cybercriminals. Its infrastructure included Telegram-based chat groups to coordinate laundering operations and sell illicit tools. One platform, Haowang, was described in a UN report as a “one-stop shop” for cyber scam services. Related: Gemini, Binance Breach Claims Surface: Is Your Crypto Account Data at Risk? Earlier this year, Huione reportedly introduced a proprietary stablecoin, a digital asset intended to help bypass enforcement actions and seizure efforts by authorities. FinCEN noted that although Huione lacks direct relationships with U.S. banks, the new rule would proactively prevent American financial institutions from opening or managing any accounts tied to Huione entities. Also, banks would need enhanced scrutiny of transactions linked to the group. This proposal represents the most aggressive U.S. action yet against Huione Group. The New York Times previously reported Huione’s role as a central node in a global laundering network, facilitating billions in transactions that supported scams and state-linked cyberattacks. The action also follows growing international concern over Southeast Asian laundering hubs. The United Nations Office on Drugs and Crime had recently warned that similar networks were multiplying in the region, potentially weakening enforcement impact. Huione has yet to respond to the proposed rulemaking. FinCEN has opened a 30-day public comment period following the rule’s publication in the Federal Register. The decision would mark a significant step in U.S. efforts to disrupt financial infrastructure aiding state-backed cybercrime and crypto fraud if finalized. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Bullish for $ARENA Launcher w/ native dex, chat rooms for holders, integrated tipping on the timeline, etc. is a huge differentiator from any launchpad out there atm

Speaking at the Token2049 event in Dubai, Changpeng Zhao spilled the tea on crypto regulation and setting up national crypto reserves via his new found love for consultancy. During a wide-ranging fireside chat with Raoul Pal at the Token2049 conference in Dubai, held on April 30, CZ gave advice on countries seeking his guidance on handling crypto. He also reiterated his call for creating AI agents with real utility and said that crypto will become the go-to currency in the AI-driven economy. According to CZ, countries approaching him typically want to keep crypto infrastructure localized, from wallets to custody and order books. However, CZ says that this is not optimal because setting up secure custody solutions to manage billions of dollars “requires a lot of funds and expertise, which is lacking.” CZ explained that establishing localized solutions for every country is impractical. “For each cold wallet, you need about 15 signers,” he said. “You can’t find 15 signers that are not public, that are extremely trustworthy in different parts of the world, in different geographies. They’re not incentivized by more money. They have a steady job, they’re high income, they have a nice family. You just can’t find a hundred times more of those 15 people.” The same goes for order books, exchanges and other nodes in the crypto ecosystem. “If you divide each country with their own order book, liquidity is going to suck,” CZ reiterated. During extreme volatility, localized exchanges, wallets or order books may see even wilder swings given that many will invariably handle less volume. CZ also talked about countries that are exploring crypto as part of their strategic reserves, highlighting Bhutan as a standout example. Bhutan , led by a forward-thinking king, has surplus clean energy and has been using it to mine Bitcoin, making the country an early and smart adopter of crypto for national wealth and sustainability. As for countries that are yet to jump on the crypto reserve bandwagon, CZ said that they should act sooner, because they may have to buy at much higher prices later. He recommends that governments starting with modest allocations use professional custody solutions and move to more secure cold storage as their holdings scale. Another key takeaway from CZ’s talk was his call to redirect focus toward building AI agents with real utility rather than flooding the market with useless AI tokens, a sentiment he has expressed in the past. “Today there are so many different AI agents with a token, but the agents don’t have any real utility,” he said. “I want to see real agents that can actually help you — with tokens that serve a purpose.” He criticized the rise of AI token launchpads that let anyone mint a token-backed AI agent with the click of a button. “That token is useless — 99.99% of them are useless,” he said. However, CZ believes that “it’s all going to change,” with AI poised to radically transform how people engage with the blockchain ecosystem thereby driving crypto adoption. “The currency for AI is crypto,” he said, arguing that traditional payment methods won’t work in the AI economy. “AI is not going to swipe a card or get an SMS code. That doesn’t work for AI. It’s going to be crypto.”

I'll let the chat shill their ref links in the comments.