Huione Pay Halts Withdrawals Amid Bank Run, Users Face Repayment Delays
Huione Pay, Cambodia's largest money laundering network, suspended operations on December 1 after a surge in withdrawals overwhelmed its systems. The platform announced a freeze on services until January 5, 2026, triggering panic among users who queued outside its Phnom Penh headquarters fearing total loss of savings.
The company cited 'unprecedented withdrawal pressure' as the reason for the shutdown, replacing instant redemptions with a deferred repayment plan. US sanctions reportedly exacerbated the liquidity crisis, sparking a bank run that left depositors scrambling.
Huione's proposed repayment options—either staggered installments through 2026 or tokenized debt instruments—have drawn skepticism. Observers note the collapse mirrors patterns seen in unregulated crypto lending platforms during market stress, where withdrawal halts often precede permanent insolvency.
