The U.S. Treasury Department has expanded its crackdown on a Southeast Asia-based fraud network. It sanctioned dozens of individuals and entities while proposing new restrictions against H-Pay, a payment firm regulators say emerged from the remnants of the notorious Huione Group.
In a coordinated action announced on 23 June, the Treasury’s Office of Foreign Assets Control [OFAC] sanctioned nine individuals. Also, it sanctioned 26 entities linked to the Prince Group Transnational Criminal Organization [TCO].Â
The group is a Cambodia-based network accused of operating scam compounds and laundering proceeds from cybercrime and crypto investment fraud.Â
At the same time, the Financial Crimes Enforcement Network [FinCEN] proposed amending its existing restrictions on Huione Group. The amendment will explicitly include H-Pay Service PLC and any future successor entities.
The move signals that U.S. regulators are increasingly focused on what they view as attempts by sanctioned or restricted firms to continue operating under new names.
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FinCEN says H-Pay replaced Huione Pay
According to FinCEN’s 34-page proposal, H-Pay effectively assumed the business role previously occupied by Huione Pay. It did this after Huione Pay lost its Cambodian payment services license and faced growing international scrutiny.
The agency argues that H-Pay inherited Huione Pay’s branches, customer base, branding elements, and operational footprint. FinCEN also cited reports showing H-Pay signage replacing Huione Pay branding at multiple locations following regulatory actions against the company.
As a result, FinCEN is seeking to amend its October 2025 rule that barred U.S. financial institutions from maintaining correspondent accounts for Huione Group. The amendment would ensure that H-Pay and any future successor entities are covered by the same restrictions.
FinCEN said the proposal is necessary to prevent Huione-linked operations from circumventing measures already imposed against the group.
Crypto scams remain at the center of the crackdown
Treasury officials said scam centers across Southeast Asia continue to target Americans through online fraud schemes, many of which rely on digital assets.
According to Treasury, Americans lost at least $10bn to Southeast Asia-based scam operations in 2024, a 66% increase from the previous year.
Many of those schemes involve so-called crypto investment scams. Fraudsters build trust with victims through online relationships before directing them to fake investment platforms that ultimately steal deposited funds.
Treasury said Huione Group served as a key node for laundering proceeds from cyber heists and virtual currency investment scams. Authorities allege the Prince Group also used the network to transfer and consolidate scam-derived assets.
Treasury widens pressure on Prince Group network
Beyond the proposed H-Pay restrictions, OFAC’s latest action targets senior figures, investors, and companies allegedly tied to the Prince Group criminal enterprise.
Treasury said the sanctions build on previous actions taken against the group in October 2025 and are part of a broader effort to disrupt overseas fraud operations targeting U.S. victims.
The action was coordinated with several international partners and accompanied by separate law enforcement efforts targeting infrastructure allegedly used to facilitate the scams.
Secretary of the Treasury Scott Bessent said the administration would continue using every available tool to dismantle overseas criminal enterprises responsible for large-scale fraud against Americans.
Final Summary
- Treasury sanctioned 35 targets linked to the Prince Group while FinCEN moved to expand restrictions to H-Pay.
- Regulators argue H-Pay emerged from Huione’s operation
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