The National Bank of Cambodia has stepped in once again to address the ongoing case involving Huione Pay Plc, urging remaining creditors to pursue formal legal action through the courts. The move follows a recent gathering of around 200 individuals outside the central bank’s headquarters in Phnom Penh, where they claimed they were still owed money. Reaffirming its position, the central bank made it clear that resolving such disputes requires judicial intervention in line with existing laws, rather than public demonstrations or informal claims.
Warning Over Cryptocurrency Risks
Alongside its guidance to creditors, the central bank renewed its warning about the risks tied to crypto assets. Officials highlighted that cryptocurrencies can expose individuals to significant financial losses and legal complications, particularly given their association with illicit activities in some cases. The message was direct and timely, as more people in Cambodia explore digital assets without fully understanding the risks. Authorities are urging the public to approach cryptocurrency transactions with caution and awareness.
Licensing Limits and Regulatory Action
According to the central bank, Huione Pay was originally licensed on July 16, 2018, as a payment service provider. However, this license did not allow the company to accept deposits or provide loans like a commercial bank. Following inspections, regulators found that the company’s operations did not comply with the required legal and regulatory framework. As a result, its license was officially revoked on September 25, 2024, marking a critical turning point in the case.
Liquidation Process and Ongoing Claims
After the license was revoked, liquidation procedures were carried out by auditing firm Rich & Partners, which issued public notices in January 2025 inviting creditors to submit claims. The company was later removed from the commercial register on June 19. Despite these steps, many individuals have continued to seek repayment. To address this, the central bank opened a verification process in December 2025, allowing affected individuals to submit documents and confirm their claims. In total, 1,297 individuals registered claims worth about 31 million US dollars, along with an additional 20 million US dollars in Tether.
Review Findings and Legal Path Forward
The central bank conducted a detailed review of all submitted claims, working closely with key institutions such as the Ministry of Justice, the Ministry of Economy and Finance, the Ministry of Interior, and the Commission for Combating Online Scams. However, the findings revealed that the documents provided did not offer sufficient legal proof to establish ownership of the debts. In a letter dated March 24, 2026, the central bank informed claimants that while their concerns were acknowledged, the appropriate path forward remains through the courts, where claims can be properly evaluated under Cambodian law.
Conclusion
The Huione Pay case highlights the importance of regulatory clarity, legal processes, and financial awareness in a rapidly evolving economic landscape. While affected creditors continue to seek resolution, the central bank’s message is clear that the courts are the proper channel for settling disputes. At the same time, its warning on cryptocurrency risks serves as a broader reminder for the public to stay informed and cautious when dealing with emerging financial technologies.