Quick Breakdown
- Crypto transfers between South Korea and Cambodia soared 1,400-fold in 2024 to ₩12.8 billion ($8.9 million), raising money laundering concerns.
- Major Korean exchanges Upbit and Bithumb cut ties with Huione Guarantee, a sanctioned Cambodian platform linked to illicit fund flows.
- Regulators report a record surge in suspicious crypto activity, surpassing the combined totals of the past two years.
Cryptocurrency transactions between South Korea and Cambodia have surged sharply, prompting regulatory alarm over potential money laundering links involving Cambodian criminal networks.
According to new data from the Financial Supervisory Service (FSS), transfers between Korea’s five major exchanges, Upbit, Bithumb, Coinone, Korbit, and Gopax and Cambodia’s Huione Guarantee totalled 12.8 billion won ($8.9 million) in 2024, marking a staggering 1,400-fold increase from just 9.22 million won in 2023.
As the current crackdown on online scams gains momentum, Cambodia and South Korea have shared plans to establish a joint task force next month which will enhance cooperation between the law enforcement agencies of both nations on crimes involving Korean nationals.
Full story:… pic.twitter.com/scSfjb96J9
— The Phnom Penh Post (@phnompenhpost) October 27, 2025
Huione Guarantee, operated by Phnom Penh-based Huione Group, has been sanctioned by the U.S. and U.K. for allegedly laundering digital assets obtained through fraud and online scams. The platform is believed to serve as a key channel for cross-border illicit fund transfers.
Bithumb, Upbit cut ties amid suspicious activity
Data shows that Bithumb recorded the largest transaction volume with Huione Guarantee, jumping from 9.22 million won in 2023 to 12.4 billion won in 2024. Upbit, which had no prior dealings, saw 366.9 million won in crypto transfers.
The FSS confirmed that large-scale transfers continued into 2025, reaching 3.15 billion won between January and October 20 — well above pre-2024 levels. Most transactions were conducted in Tether (USDT), favoured for its dollar peg and liquidity, making it an ideal vehicle for untraceable remittances.
Amid mounting scrutiny, Korean exchanges have suspended all transactions with Huione. Upbit’s parent company, Dunamu, reported the suspicious activity to authorities and implemented a full transfer ban. Bithumb followed suit, blocking Huione-linked wallets in May.
Korean banks also under investigation
FSS data also revealed that Cambodian branches of Korean banks, including KB Kookmin, Shinhan, Woori, and Jeonbuk Bank, paid a combined 1.45 billion won in interest to Prince Group — a Cambodian firm suspected of laundering illicit funds.
South Korean authorities say the number of suspicious crypto-related transactions in 2025 has already exceeded the total for the previous two years combined, according to data cited by Yonhap News.
If you would like to read more articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
