Huione Crypto Network Spurns Shutdown and Sanctions Orders The regulatory headache crypto money laundering platform Huione continues to operate despite widespread reports of its shut-down and a recent regulatory action by the U.S. government. Chainalysis figures confirm volumes on the network have continued to grow after the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) placed Huione as a priority money laundering target on May 1. FinCEN’s Section 311 Action Falls Short to Shut Down Operations FinCEN’s action called into play Sections 311 and 9714 of the USA PATRIOT Act, allowing for rapid isolation of suspected illicit actors. The tool was only used for a second time on a crypto entity since the Bitzlato case. The action would have likely cut off Huione’s access to U.S. financial services, but Chainalysis has experienced minimal disruption to its business. Huione Rebrands and Maintains User Base Following its alleged shutdown, Huione re-emerged shortly afterwards with a fresh domain—Huione.me—and its brand intact. Telegram utilization and social networking activity remain high, and the platform continues to offer trading in its native XOC token and the stablecoin USDH. Rivals Fall Short to Make Up the Gap Other crypto guarantee businesses, such as Tudou Danbao, saw temporary traffic spikes but none that came close to Huione’s volume or turnover. This suggests that users stuck very much with the Huione network in spite of the regulatory crackdown. Enforcement Gaps Highlighted by Blockchain Analysts Chainalysis pointed out that the survival of Huione demonstrates the failure of piecemeal regulation . It called for greater international coordination and real-time intelligence sharing to deal with such a sophisticated money laundering network. “Without co-ordinated effort, enforcement will be restricted in effectiveness,” the report further added. Conclusion Huione’s ongoing operations raise profound concerns about the effectiveness of current crypto enforcement measures. As blockchain-based laundering networks grow, regulatory frameworks and interagency cooperation must adapt in turn to prevent further avoidance.
2025-06-13 20:46
Anthony Pompliano to Lead $750M Bitcoin-Buying SPAC Merger Cryptocurrency entrepreneur Anthony Pompliano is reportedly preparing to lead a new Bitcoin investment company aiming to raise $750 million, the Financial Times reports. The venture involves a merger of ProCapBTC, a new Special Purpose Acquisition Company (SPAC), and Columbus Circle Capital 1. $750M Bitcoin Bet Through ProCapBTC Pompliano is to be appointed as CEO at ProCapBTC, which plans to raise $250 million equity and $500 million convertible debt. The deal is under negotiation and has not been completed yet. If completed, next week might witness the announcement being made. The SPAC merger is with Columbus Circle Capital 1, a blank check company that has a listing on the New York Stock Exchange. Columbus Circle was formed for the purpose of performing mergers and acquisitions, particularly in new or emerging industries. Cohen & Company Behind Columbus Circle Capital The sponsor of Columbus Circle, Cohen & Company Capital Markets (CCM), is a JVB Financial Group subsidiary. CCM has been active in the space of digital assets, and their services include crypto-related audit, advisory, and tax compliance. The investment bank has experience as the backer of crypto and blockchain startups and therefore would be suitable as a sponsor for this highly publicized Bitcoin-focused SPAC. Pompliano’s SPAC Track Record The action is only a few days after Pompliano created ProCap Acquisition, another fintech SPAC. Listed on Nasdaq under ticker PCAPU, the company raised $250 million in its May IPO. PCAPU shares have risen sharply since then, up from June 1’s close of $10.60 to a high of $11.40 before closing at $11.30 by Thursday. Waiting to be confirmed So far, Pompliano has not made the ProCapBTC merger public. If finalized, this SPAC-backed Bitcoin fund would be among the biggest such endeavors in the crypto world to date.
2025-06-13 16:40
