Cryptocurrency Trading between South Korean exchanges and Huione of Cambodia surged 1,400 times to $8.9 million

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.