Cryptocurrency transfers between South Korea’s five largest exchanges and Cambodia-based Huione Guarantee surged nearly 1,400 times in 2024, according to data submitted by the Financial Supervisory Service (FSS) and obtained by opposition lawmaker Rep. Lee Yang-soo.
The spike has stoked concerns among regulators and legislators about potential money-laundering links to transnational criminal networks in Southeast Asia.
The FSS data shows total transfers between Upbit, Bithumb, Coinone, Korbit, and Gopax and Huione Guarantee reached 12.8 billion won (about $9.2 million) in 2024, up sharply from roughly 9.23 million won the previous year.
The rise prompted all five exchanges to suspend transactions with the Cambodian platform amid heightened scrutiny.
Bithumb accounted for the lion’s share of activity, with transfers jumping from 9.22 million won in 2023 to 12.4 billion won last year. Upbit, which had no recorded dealings with Huione in 2023, reported 366.9 million won in inflows and outflows in 2024.
Coinone recorded a modest rise to 1.2 million won, Korbit logged 11.9 million won, and Gopax reported none.
The FSS breakdown indicates inflows from Cambodia to Korea reached about 10.5 billion won in 2024, while outflows totaled roughly 2.3 billion won, compared with inflows of about 8.95 million won and outflows of 280,000 won in 2023.
Nearly all transfers were conducted in USDT, the dollar-pegged stablecoin, according to the report.
Activity has continued into 2025, with transactions totaling 3.15 billion won from January through October 20. Bithumb accounted for 2.18 billion won, Upbit 523 million won, Korbit 443 million won, and Coinone 280,000 won.
Exchanges suspended transfers with Huione at various times in 2025, with Upbit stopping in March and others following in May.
Huione Group, the Phnom Penh-based parent of Huione Guarantee, has been sanctioned by the US and UK over alleged links to laundering proceeds from fraud, cybercrime, and human trafficking. Authorities continue investigations into the flows and potential compliance lapses at local platforms.