The regulatory authority and exchanges in South Korea have taken action after the flow of money between this country's five major exchanges and Huione Guarantee in Cambodia rose to the sky. According to FSS data cited by Congressman Lee Yang-soo, the cash flow reached 12.8 billion won (8.9 million USD) in 2024, up from 9.22 million won the previous year; activity continued into 2025, totaling 3.15 billion won as of October 20. Huione's parent company, which has been slashed by America and the UK for alleged money laundering related to fraud and human trafficking, primarily receives Tether (USDT).
Bithumb has the largest exposure of ( 12.4 billion won ); Upbit recorded 366.9 million won and then led the ban on transfers and reported wallets; all exchanges have stopped trading related to Huione. Specifically, FSS stated that Korean bank branches in Cambodia paid 1.45 billion won in interest to Prince Group, which is under investigation. The regulator is committed to tightening AML. During Chuseok from 3–10/10, individual investors poured 1.24 billion USD into technology assets and crypto-related stocks in America—focusing on leveraged ETFs—before the market adjusted due to US-China tensions.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
