H-Pay Named, Shamed, and Sanctioned: Treasury Says Rebrand Won't Hide the Huione Ghost 💸

The U.S. Treasury Department moved on 23 June to tighten pressure on Southeast Asia–based fraud networks, sanctioning nine individuals and 26 entities tied to the Cambodia-based Prince Group Transnational Criminal Organization and proposing new restrictions on H-Pay Service PLC, a payment firm regulators say emerged from the remnants of the Huione Group. The Treasury's Office of Foreign Assets Control (OFAC) designated the individuals and entities for their alleged roles in operating scam compounds and laundering proceeds from cybercrime and crypto investment fraud, building on prior actions taken against the Prince Group in October 2025.

At the same time, the Financial Crimes Enforcement Network (FinCEN) issued a 34-page proposal to amend its existing restrictions on Huione Group by explicitly naming H-Pay and any future successor entities. According to FinCEN, H-Pay assumed the business role previously occupied by Huione Pay after Huione Pay lost its Cambodian payment services license and faced growing international scrutiny, inheriting its branches, customer base, branding elements, and operational footprint. The agency cited reports showing H-Pay signage replacing Huione Pay branding at multiple locations following regulatory actions against the company.

The amendment would extend FinCEN's October 2025 rule that barred U.S. financial institutions from maintaining correspondent accounts for Huione Group to H-Pay and any future successor entities. FinCEN said the proposal is necessary to prevent Huione-linked operations from circumventing measures already imposed against the group.

Treasury officials said scam centers across Southeast Asia continue to target Americans through online fraud schemes, many of which rely on digital assets including $BTC and $ETH. According to Treasury, Americans lost at least $10bn to Southeast Asia-based scam operations in 2024, a 66% increase from the previous year, with many of those schemes taking the form of so-called crypto investment scams in which fraudsters build trust through online relationships before directing victims 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, and authorities allege the Prince Group also used the network to transfer and consolidate scam-derived assets.

OFAC's latest action targets senior figures, investors, and companies allegedly tied to the Prince Group criminal enterprise. Treasury said the sanctions are part of a broader effort to disrupt transnational scam operations and their financial infrastructure across the region.