ChainCatcher News: The U.S. Department of the Treasury has imposed sanctions on Cambodian businessman Li Yongfa and his companies, accusing them of involvement in human trafficking and forced labor related to cryptocurrency scams. The sanctions freeze Li Yongfa's and his companies' assets in the United States and prohibit U.S. citizens from engaging in related transactions.Li Yongfa and his companies are accused of luring victims to scam centers and forcing workers to participate in cryptocurrency fraud. The Treasury emphasized that this action aims to hold accountable those criminals involved in human rights abuses and fraud. These sanctions are based on Executive Order 13818, which expands the Global Magnitsky Human Rights Accountability Act.

ChainCatcher news, Tether has frozen a TRON wallet TNVaKW containing 29.62 million USD in USDT, suspected to be related to criminal activities and cryptocurrency money laundering.Bitrace analysis indicates that this address is linked to the guarantee business of the Cambodian Huione Group, which is attempting to transfer funds through a new address TQuFSv to evade the freeze. Bitrace warns Web3 practitioners to remain vigilant when engaging in cryptocurrency payment activities, ensuring compliance and due diligence to avoid legal and financial risks.

ChainCatcher news, according to The Block, blockchain analysis company Elliptic released a report on Wednesday stating that the Cambodian market Huione Guarantee is suspected of money laundering and other criminal activities.Since its establishment in 2021, Huione and its merchants' crypto wallets have received at least $11 billion, primarily using Tether (USDT) for transactions. Elliptic pointed out that Huione executives are connected to Cambodian Prime Minister Hun Manet and claimed that the platform turns a blind eye to crimes such as money laundering and "sexual exploitation." Elliptic has identified and labeled hundreds of cryptocurrency addresses controlled by Huione, helping to prevent further money laundering activities.

ChainCatcher news, according to foreign media reports, Binance has signed a joint venture agreement with the Royal Group, a strategic investment holding company in Cambodia, to explore the blockchain ecosystem in Cambodia, including raising awareness of blockchain and digital assets through education and lowering the barriers to information access.It is reported that the Royal Group was established in 1991 and is one of the largest investment and development groups in Cambodia, focusing on bringing quality investments to the country and providing a platform for investors to successfully conduct profitable businesses. (source link)

ChainCatcher news, Binance has signed a joint venture agreement with the Cambodian strategic investment holding company Royal Group of Companies to strengthen the relationship between the two parties and expand the blockchain ecosystem in Cambodia. (Source link)