The banking arm of a Cambodia-based conglomerate accused of running the world's "largest ever illicit online marketplace" has had its banking license revoked by the Cambodia's central bank, Radio Free Asia reported last week.

Huione Guarantee, the Telegram marketplace of Huione Group, has reportedly processed up to €22 billion ($24 billion) in illicit transactions since 2021, making it by far the world's largest illegal online marketplace, cryptocurrency compliance firm Elliptic reported last year.

Huione Pay, the group's banking arm, had its license withdrawn because of noncompliance with "existing regulations and recommendations that may have been made by the regulators," a National Bank of Cambodia spokesperson told Radio Free Asia, a US Congress-funded media outlet.

The group is accused of being a key conduit for Cambodia's sprawling cyberscam industry, which could be worth €11 billion a year, equivalent to about a quarter of the nation's total economic output, according to the United States Institute of Peace (USIP) nonprofit.

Cambodia is facing intense pressure from China, its close ally, as well as from Western governments to dismantle this illicit trade.

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One of Huione Pay's three directors is Hun To, a cousin of Cambodian Prime Minister Hun Manet.

Hun To has been accused of illegal activity for decades, although his litigiousness has prevented some media outlets from........

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