Cambodia’s central bank has revoked the banking license of Huione Pay, the banking arm of a conglomerate accused of operating the world’s largest illicit online marketplace, Huione Guarantee. According to reports, Huione Guarantee has facilitated up to €22 billion in illicit transactions since 2021, making it the largest online marketplace of its kind. The bank’s license was revoked due to noncompliance with existing financial and regulatory requirements. Experts point out that Cambodia’s sprawling cyberscam industry, which involves forced labor for scamming activities, is a significant economic concern for the country, with estimates suggesting it could be worth €11 billion per year.

Source: https://www.dw.com/en/is-cambodia-serious-about-ending-organized-cyberscams/a-71923274?maca=en-rss-en-all-1573-rdf