USDT News: Huione Pay Loses Banking License, TRON-Based USDT Frozen Amid Noncompliance Allegations

In a significant development in the cryptocurrency world, Huione Pay, a financial entity linked to a Cambodian conglomerate accused of facilitating illicit online transactions, has faced severe consequences. The National Bank of Cambodia has revoked its banking license, and Tether has frozen TRON-based USDT tokens issued by the company.

Huione Pay Loses Banking License, TRON-Based USDT Frozen by Tether

Huione Pay, the financial arm of a Cambodian conglomerate accused of facilitating illicit online transactions, has been stripped of its banking license by the National Bank of Cambodia. The company is part of Huione Group, which oversees various financial and marketplace platforms, including a Telegram-based marketplace linked to an estimated $24 billion in illicit transactions. The revocation of the license is due to noncompliance with financial regulations. Additionally, 29.62M USDT on TRON has been frozen by Tether.

Stablecoin Dominance Trends and Its Impact on Bitcoin

Stablecoin exchange reserves, particularly Tether [USDT] and USD Coin [USDC], have been highlighted for their rising buying power in the market. Combined, they account for 7.19% dominance. This, alongside Bitcoin’s dominance chart, can provide insights into market sentiment and future price movements. The metrics suggest that altcoins might suffer more in the coming weeks as Bitcoin could favor the market.

Tether’s USDT Officially Recognized by Thailand’s Regulator

Thailand’s Securities and Exchange Commission has officially granted recognition to Tether USDT as a legitimate cryptocurrency. This development has catalyzed cryptocurrency regulations in Thailand and supports digital asset adoption across major areas in the region. The recognition enables USDT to be traded on regulated exchanges and accepted for payments throughout the country.