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Rizwan Ansari
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Sohrab KhawasSohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Dec 02, 2025 05:52 UTC
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Huione Pay Halts Withdrawals After Run on Banks, Users Fear Major Losses
Huione Pay shuts down after massive withdrawals, leaving worried users unable to access their money.
Users face tough choice: wait 18 months for full repayment, or reduced monthly withdrawals.
U.S. sanctions triggered bank-run panic, forcing Huione Pay to delay customer fund repayments.
Huione Pay, the world’s largest money laundering network in Cambodia, has stunned the users after pausing operations and delaying repayments until January 5, 2026, after a sudden bank run.
The surprise announcement triggered panic, long queues, and growing fears among thousands of users who rushed to withdraw their money before the shutdown.
Huione Pay Halts Services Until January
Huione Pay posted a notice on 1 Dec announcing that all services would be suspended until January 5, 2026, explaining that the platform was hit by a massive wave of withdrawals in a very short period.
The company admitted it could not handle the pressure and introduced a delayed repayment plan instead of immediate cash withdrawals.
Later, the crowds gathered outside the company’s headquarters on Norodom Boulevard in Phnom Penh. Many users said they had money inside their Huione Pay accounts but had no way to withdraw it after the sudden closure.
Several expressed fear of losing their savings entirely.
Huione Repayment Plan Sparks More Fear
Following the shutdown, Huione Pay offered two repayment proposals, which have raised fears of losing their money.
- Buy high-yield financial products and wait 18 months to receive their full principal, while claiming interest every month.
- Refuse the products and wait six months, after which they can withdraw funds in small portions each month.
For many users, both choices feel risky, especially after the company’s past troubles.
U.S. Sanctions and Prior License Revocation
Huione Pay’s problems did not start today. The company has long been accused of helping large criminal networks with money laundering activities.
- In June 2024, Cambodia’s central bank revoked Huione Pay’s license for regulatory breaches.
- In May 2025, the U.S. Financial Crimes Enforcement Network (FinCEN) labeled the Huione Group as a major money-laundering institution linked to fraud operations in North Korea and Southeast Asia.
- Even the South Korean exchange Upbit also shut down over 200 accounts tied to Huione operations last month.
What Comes Next?
With the shutdown confirmed and repayments pushed back, worry is growing among users. Many people simply want their money returned quickly, while regulators are now focused on checking the company’s records and identifying any wrongdoing.
Across Asia, financial authorities are watching closely, as this situation could turn into one of the biggest payment-platform failures the region has seen in years.
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FAQs
Huione Pay says withdrawals may restart on January 5, 2026, but users must follow the platform’s new repayment options until then.
Both repayment plans carry risk, offering long waiting periods and limited access to funds, which has raised major concerns among users.
Users should review the repayment options, keep records of balances, and monitor official updates from regulators for any changes.
Huione Pay has faced sanctions and license issues due to alleged money-laundering links, prompting tighter oversight and user worry.
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