cambodia

According to Decrypt, the Cambodian National Assembly has unanimously passed a new bill to combat online fraud, targeting operators of large-scale scam operations that utilize cryptocurrency, with a maximum penalty of life imprisonment. The bill is still pending review by the Senate and final approval from King Norodom Sihamoni.Under the bill, the core leaders of scam groups will face 15 to 30 years in prison, and if death results, they could be sentenced to life imprisonment; organizers can be sentenced to up to 20 years and fined heavily, while participants may face 2 to 5 years in prison and fines of up to $125,000.Analysis indicates that cryptocurrency scams such as "pig butchering" have rapidly spread in Southeast Asia in recent years, relying on cryptocurrency for cross-border transfers and money laundering, with annual amounts involved reaching hundreds of billions of dollars. Such crackdowns may lead to scams "shifting rather than disappearing," and the key lies in whether there is simultaneous action against corruption protection, money laundering networks, and cross-border capital flow systems.

According to the People's Daily, with strong support from relevant departments in Cambodia, a working group from the Ministry of Public Security of China successfully escorted Li Xiong, a core member of the Chen Zhi criminal group, back to China from Phnom Penh, Cambodia.Investigations revealed that Li Xiong previously served as the chairman of Huiwang Group under the Prince Group and is suspected of multiple crimes including operating a casino, fraud, illegal business operations, and concealing criminal proceeds. Currently, Li Xiong has been subjected to compulsory measures in accordance with the law, and the related case is under further investigation. A relevant person in charge from the Ministry of Public Security of China stated that several core members of the Chen Zhi criminal group have been successively brought to justice, and public security agencies will continue to intensify efforts to capture and bring fugitives to justice.Previously, U.S. federal prosecutors accused Chen Zhi of money laundering and telecommunications fraud, and in October 2025 revealed that the U.S. had seized 127,271 bitcoins that he once controlled, valued at $15 billion at the time.

According to Caixin, after being detained for more than two months, the UK has further imposed sanctions on a Southeast Asian fraud network, which includes Hu Xiaowei, who is closely associated with Chen Zhi, the founder of the Prince Group. The UK government refers to Hu Xiaowei as "Chen Zhi's long-term collaborator" in the Prince Group, with their association originating from the "Legend" private server, and later jointly establishing companies both domestically and internationally.The UK government website announced this sanction information on March 26, targeting multiple individuals and entities related to the Prince Group. Chen Zhi, 38, is the founder of the Prince Group, hailing from a fishing village in Fujian. He previously operated an internet café and worked as a network administrator, starting out by hacking and "robbing" the "Legend" private server. He moved to Southeast Asia over a decade ago and changed his nationality to Cambodian, quickly controlling a global telecom fraud network, earning millions daily in his duke position, with a net worth of several billion dollars. The Bitcoin seized by the US alone is valued at $15 billion. At the height of his power, Chen Zhi also expanded his operations in Singapore, the UK, and Taiwan, China. In early January 2026, he was stripped of his Cambodian nationality and extradited back to China for multiple crimes, including fraud, illegal business operations, and concealing criminal proceeds.

According to a report by Jiemian News, the Cambodian Ministry of Foreign Affairs issued a statement regarding the repatriation of Chen Zhi to China, stating that the decision was made in accordance with Cambodian law and complies with relevant judicial assistance and legal cooperation procedures. Regarding the revocation of Chen Zhi's Cambodian nationality, the Cambodian Ministry of Foreign Affairs stated that the decision strictly follows the provisions of the law. If a naturalized citizen is found to have obtained Cambodian nationality through forged documents or by providing false information during the application process, the government has the right to revoke their nationality in accordance with the law.The statement emphasized that such actions demonstrate Cambodia's ongoing commitment to strengthening international cooperation to maintain peace, stability, and socio-economic development, and effectively combat transnational crime activities.

The National Bank of Cambodia announced yesterday that Prince Bank, a subsidiary of the Prince Group, has been placed in liquidation and is no longer allowed to conduct banking operations, including accepting deposits or providing loans.In the announcement released by the National Bank of Cambodia, it stated that this decision was made in accordance with the laws of the Kingdom of Cambodia. The National Bank of Cambodia has appointed Morison Kak MKA auditing firm as the statutory liquidator to take over the operations and asset disposal of Prince Bank. According to the announcement, from this day forward, Prince Bank must cease all new banking activities, including but not limited to the prohibition of opening new accounts or depositing new funds, and must stop the approval and issuance of various commercial and personal loans.The Ministry of Interior of Cambodia confirmed that Chen Zhi and his accomplices Xu Jiliang and Shao Jihui were arrested on January 6 and repatriated to China. The three are suspected of involvement in a large-scale transnational online fraud, with related charges brought by a U.S. court. The Cambodian nationality previously granted to Chen Zhi was officially revoked by royal decree in December 2025.

Bitget's Chief Marketing Officer Ignacio Aguirre recently visited Cambodia to promote the public welfare project "Game Changers Coalition" in collaboration with UNICEF. This project empowers youth and educators in eight countries worldwide to master core digital skills through innovative forms such as game development. As an important part of Bitget's Blockchain4Her (B4H), both parties are committed to providing learning and skill enhancement opportunities for 1.1 million girls in developing countries by 2027, promoting gender equality and inclusive growth in the digital age.UNICEF's representative in Cambodia, Will Parks, stated: "This innovative learning approach is effectively helping girls and young people break down barriers to acquiring digital skills. It not only boosts young people's confidence but also opens up important pathways for their future participation and integration into the global digital economy."Kim Sethany, the Permanent Secretary of State for the Ministry of Education, Youth and Sports of Cambodia, pointed out: "This project empowers women's growth by narrowing the gender gap in digital education and supports their deeper involvement in the country's digital transformation."

According to Decrypt, the U.S. Department of Justice has seized the scam website tickmilleas.com, which is operated by Myanmar's "Taichang Scam Park" and is used to disguise a cryptocurrency trading platform to deceive investors.The FBI stated that several victims have recently been scammed. This action is related to the previously sanctioned Cambodian Huione Group, which has closed its Phnom Penh branch and suspended withdrawals this week.

The Singapore police have launched law enforcement actions against Chen Zhi, the leader of the Cambodian Prince Group, and his accomplices, freezing assets worth over 150 million Singapore dollars (approximately 800 million RMB), including 6 properties, bank accounts, securities accounts, cash, a yacht, 11 cars, and multiple bottles of alcohol.Previously, the United States and the United Kingdom announced in mid-October the prosecution of Chen Zhi and the confiscation of approximately 15 billion dollars worth of Bitcoin held by him. It is reported that Chen Zhi and his accomplices are currently not in Singapore.

ChainCatcher news, according to Yonhap News Agency, the South Korean National Assembly investigation found that the financial transactions between the five major domestic cryptocurrency exchanges and the Cambodia-based "Post-Yi Yuan Group," which is sanctioned by the US and UK, surged from 9.22 million Korean won in 2023 to 12.8 billion Korean won in 2024, an increase of nearly 1400 times. The transactions were mainly conducted through the US dollar stablecoin Tether (USDT), with Bithumb exchange having the largest share.The South Korean government is considering implementing financial sanctions against the Cambodian criminal organization to curb potential money laundering activities. Some exchanges have cut off their dealings with the organization from March to May of this year.

ChainCatcher news, according to Bloomberg, authorities in Thailand and Singapore are investigating the Prince Group of Cambodia, whose chairman has been sanctioned by the United States and the United Kingdom for fraud and money laundering.The Thai Cyber Crime Investigation Bureau will cooperate with the U.S. to review the asset seizure procedures, and the Singapore police have also stated that they are investigating the case and are in contact with law enforcement agencies from other countries.

ChainCatcher news, multiple Huione Group outlets in Cambodia are currently experiencing large-scale queues for withdrawals, suspected to be a bank run. The number of people queuing for withdrawals at several Huione outlets in Phnom Penh and Sihanoukville ranges from dozens to hundreds, with lines extending outside the outlets. This bank run is triggered by the U.S. sanctions against Chen Zhi, the chairman of the Prince Group in Cambodia.The U.S. is seeking to seize 127,271 bitcoins (approximately $12 billion), which are linked to a multinational pig-butchering scam operated by Chen Zhi. Subsequently, $2.4 billion worth of bitcoins from Chen Zhi's associated wallet was transferred again, marking another outflow after the previous disclosure of seized bitcoins, indicating that the U.S. government may have additionally seized $2.4 billion worth of bitcoins from Chen Zhi. Market rumors suggest that these sanctions will impact Huione's assets.The U.S. Office of Foreign Assets Control (OFAC) has imposed comprehensive sanctions on 146 targets within the Prince Group's transnational criminal organization, which is headquartered in Cambodia and led by Chen Zhi, operating a multinational criminal empire through online investment scams targeting the U.S. and other regions globally. In recent years, Huione Group has faced significant international regulatory pressure due to allegations of money laundering, online fraud (such as pig-butchering scams), and illegal trading. In March 2025, its payment platform Huione Pay had its banking license revoked by the National Bank of Cambodia, leading to difficulties in user fund withdrawals and triggering a large-scale bank run. The Financial Crimes Enforcement Network of the U.S. Treasury proposed banning Huione Group from accessing the U.S. financial system in the first half of this year.

According to ChainCatcher news, as reported by Jinshi, the U.S. Department of Justice has officially charged businessman Chen Zhi, who holds dual citizenship in the UK and Cambodia, for allegedly orchestrating a transnational "pig butchering" cryptocurrency scam. At the same time, the U.S. government has seized approximately 127,271 bitcoins, worth up to $15 billion (about 106.9 billion yuan), marking the largest confiscation operation in the department's history. Chen Zhi faces multiple charges, with a maximum sentence of 40 years in prison.

ChainCatcher News, the U.S. Treasury Department on Monday imposed sanctions on 19 entities operating in Southeast Asia involved in scam networks, including 9 entities from Myanmar and 10 entities from Cambodia, which forced victims of trafficking to participate in cryptocurrency investment scams. Last year, U.S. citizens lost over $10 billion due to scams originating from Southeast Asia.The nine sanctioned entities from Myanmar are reportedly operating under the protection of the already sanctioned Karen National Liberation Army. Deputy Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E. Nelson, stated, "Cyber scams in Southeast Asia not only threaten the welfare and financial security of Americans but also leave thousands of people enslaved in modern-day slavery. The U.S. Treasury will use all available tools to combat organized financial crime and protect Americans from the significant harm these scams can cause."

ChainCatcher news, according to U.S. President Trump, a 36% tariff will be imposed on Thailand and a 36% tariff will be imposed on Cambodia.

ChainCatcher news, according to Jinshi Data reports, the Cambodian government announced on the 4th that it has reached an agreement with the United States on tariff negotiations. Both sides will soon issue a joint statement regarding "reciprocal tariffs," but the specific content of the agreement, including tariff rates, remains unclear.The message released by the Cambodian government shows that Cambodian Deputy Prime Minister Sun Chanthol held online consultations on the 4th with Assistant Trade Representative for Southeast Asia and the Pacific Sara Ellerman from the Office of the United States Trade Representative. Both sides reached a consensus on the draft of the joint statement.

ChainCatcher news, according to Lianhe Zaobao, a 34-year-old man, Xie Jiajie, knowingly assisted his boss Liu Hanquan in managing a team and operating a currency exchange business without a license, handling over 43 transactions totaling more than 35 million yuan in just 23 days. The man was arrested during a police raid and sentenced to 10 months in prison. The defendant Xie Jiajie faced two charges of violating the Payment Services Act and one charge of violating the Corruption, Drug Trafficking and Serious Crimes (Confiscation of Benefits) Act. He previously admitted to one of the charges, while the remaining charges will be considered by the judge when sentencing on June 26.It is understood that Sir Money Changer (SMC) is a licensed family business that provides currency exchange and cross-border remittance services, with directors being the Mohamad couple. In June 2021, SMC opened a new outlet in Geylang, and Liu Hanquan proposed to pay 14,000 yuan per month to use the license for independent remittance operations. He hired employees himself but paid contributions under SMC's name, later reimbursing the related costs. Starting in September of the same year, Liu Hanquan began operations that included cross-border remittance and Tether transactions, but did not report to the Monetary Authority and did not submit transaction records. The mastermind Liu Hanquan fled to Cambodia after the incident and emptied his cryptocurrency wallet; he is still at large.

According to ChainCatcher news, as reported by Cointelegraph, five members of an international cryptocurrency scam gang have been charged with stealing nearly $37 million from victims in the United States and transferring the funds to Cambodia.The five defendants, Joseph Wong, Yicheng Zhang, Jose Somarriba, Shengsheng He, and Jingliang Su, contacted victims through social media, instant messaging platforms, and dating apps, gaining their trust before inducing them to invest in fake cryptocurrency projects. The scammers used shell companies and U.S. bank accounts to collect funds, which were then converted into Tether (USDT) and sent to cryptocurrency wallets controlled by Cambodia.Zhang and Wong face up to 20 years in prison after pleading guilty, while the other three could be sentenced to a maximum of 5 years in prison.

ChainCatcher news, the National Bank of Cambodia (NBC) has approved commercial banks and payment institutions to provide services related to stablecoins or collateralized cryptocurrencies. This is the first time NBC has approved such services, with relevant instructions issued on December 26 and announced on December 27. However, Bitcoin remains prohibited.According to the new regulations, institutions must obtain prior approval from NBC to conduct cryptocurrency asset exchanges, inter-account transfers, and custody services.