Huione Pay Halts Withdrawals After Run on Banks, Users Fear Major Losses

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Huione Pay shutdown

The post Huione Pay Halts Withdrawals After Run on Banks, Users Fear Major Losses appeared first on Coinpedia Fintech News

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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