PANews reported on October 14th that the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN), along with the UK Foreign, Commonwealth, and Development Office (FCDO), have launched their largest-ever action against a Southeast Asian cyber fraud ring, sanctioning Chen Zhi, the TCO of Cambodia's Prince Group , and severing Huione Group's access to the U.S. financial system. FinCEN issued a final rule under Section 311 of the Patriot Act, alleging that Huione laundered approximately $ 4 billion from August 2021 to January 2025 , including approximately $ 37 million in DPRK -related virtual currencies and approximately $ 36 million in investment scams. The U.S. also indicted Chen Zhi , freezing U.S. assets of the entities implicated (including Prince Holding Group , Prince Bank , and Jin Bei Group ) and prohibiting related transactions.PANews reported on October 14th that the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN), along with the UK Foreign, Commonwealth, and Development Office (FCDO), have launched their largest-ever action against a Southeast Asian cyber fraud ring, sanctioning Chen Zhi, the TCO of Cambodia's Prince Group , and severing Huione Group's access to the U.S. financial system. FinCEN issued a final rule under Section 311 of the Patriot Act, alleging that Huione laundered approximately $ 4 billion from August 2021 to January 2025 , including approximately $ 37 million in DPRK -related virtual currencies and approximately $ 36 million in investment scams. The U.S. also indicted Chen Zhi , freezing U.S. assets of the entities implicated (including Prince Holding Group , Prince Bank , and Jin Bei Group ) and prohibiting related transactions.

                                                                               BitGo’s move creates further competition in a burgeoning European crypto market that is expected to generate $26 billion revenue this year, according to one estimate.                     BitGo, a digital asset infrastructure company with more than $100 billion in assets under custody, has received an extension of its license from Germany’s Federal Financial Supervisory Authority (BaFin), enabling it to offer crypto services to European investors. The company said its local subsidiary, BitGo Europe, can now provide custody, staking, transfer, and trading services. Institutional clients will also have access to an over-the-counter (OTC) trading desk and multiple liquidity venues.The extension builds on BitGo’s previous Markets-in-Crypto-Assets (MiCA) license, also issued by BaFIN, and adds trading to the existing custody, transfer and staking services. BitGo acquired its initial MiCA license in May 2025, which allowed it to offer certain services to traditional institutions and crypto native companies in the European Union.Read more