Huione Pay Suspends Operations Amid Bank Run, Withdrawals Frozen Until 2026

Huione Pay, a Cambodian payment platform, has abruptly suspended all operations and blocked customer withdrawals until January 5, 2026, after a massive bank run overwhelmed its systems. The shutdown prompted long lines of anxious users outside its Phnom Penh headquarters on Norodom Boulevard, with many fearing total loss of their savings due to locked accounts and limited information.

The company posted a notice citing liquidity pressure from the surge in withdrawal requests and introduced a deferred repayment plan. Customers are offered two options: invest in high-yield wealth products for full principal repayment within 18 months with monthly interest, or refuse the investment and wait six months to withdraw funds in monthly installments. All service locations will remain closed during the suspension.

This crisis follows increased regulatory scrutiny. In June 2024, the National Bank of Cambodia revoked Huione Pay's license for violating financial regulations. In May 2024, the U.S. Financial Crimes Enforcement Network (FinCEN) designated its parent company, Huione Group, as a money-laundering institution, accusing it of servicing fraud networks in North Korea and Southeast Asia involving cryptocurrency investment fraud.

In November 2024, South Korean cryptocurrency exchange Upbit, operated by Dunamu, shut down over 200 accounts linked to Huione-related organizations after detecting suspicious virtual-asset transactions. The situation has heightened user concerns and regulatory attention across Asia.