A UN report reveals that organized crime groups in Southeast Asia are exploiting cryptocurrency to launder billions of dollars. These groups are launching their own coins, exchanges, and blockchain networks. The United Nations Office on Drugs and Crime (UNODC) issued the report.
Criminal syndicates are actively building tailored financial ecosystems to evade detection. Huione Guarantee, rebranded as Haowang, processed over $24 billion in crypto linked to fraud in four years. Headquartered in Phnom Penh, Cambodia, the platform has grown significantly.
Scam centers in Myanmar, Cambodia, and Laos combine blockchain, AI, and stablecoins to fuel operations. These centers generate tens of billions annually through complex fraud schemes. In February 2025, Huione announced its launch of the Huione Visa card.
The UNODC warns that these crypto-fueled operations are expanding into Africa, South America, and the Pacific. The report urges governments to close loopholes to combat money laundering. In October 2024, Hong Kong police arrested 27 people for using AI deepfakes in a crypto romance scam that defrauded victims of over $46 million.