The U.S. Treasury announced Thursday that it has sanctioned a total of 45 new parties—four individuals and 41 entities—accused of supporting the Prince Group, a Cambodian conglomerate alleged to operate large‑scale crypto‑investment and romance scams. The designations were made by the Office of Foreign Assets Control (OFAC) and extend earlier measures from 2025 and 2026, focusing on offshore structures and front‑man arrangements used to conceal wealth and facilitate money‑laundering.

Principal individuals and firms named

Among those targeted is Qiu Yong, described by Treasury as the operator of a network of British Virgin Islands and Hong Kong companies that provide money‑lending and wine‑trading services for Prince Group. His aide, Zhao Mengyao, was also added to the list. The wife of Prince Group executive Chen Bo, He Yujing, is sanctioned for receiving a Tokyo property after earlier restrictions. Visal Pang, who runs 11 Cambodian businesses covering construction, logistics, hospitality and a digital “super app,” is another designated associate. Eleven companies still linked to Chen Bo—including Prince International Airlines and CB General Insurance—were also blacklisted, together with entities in Singapore, Mauritius and Malaysia tied to associate Dai An and a Singapore media outlet owned by alleged finance chief Thet Li.

Coordinated enforcement and asset recovery

The Treasury said the action was coordinated with the FBI, the Justice Department’s Scam Center Strike Force, the U.S. Attorney’s Office for Alaska, and law‑enforcement partners in the British Virgin Islands and the United Kingdom. The FBI recently reported more than $580 million in crypto seizures related to similar scams. Treasury Secretary Scott Bessent warned that “cyber scam syndicates continue to steal billions of dollars from American victims while relying on sophisticated international business networks to launder their illicit proceeds.” The United States is now seeking forfeiture of approximately $14 billion in Bitcoin that authorities link to Prince Group’s operations, while British authorities have frozen a London penthouse owned by Thet Li.

What to monitor moving forward

Analysts will watch for additional asset freezes or seizures tied to Prince Group and for any further sanctions aimed at related actors in Southeast Asia. The legal proceedings against Prince Group chairman Chen Zhi—arrested in Cambodia, extradited to China and described by state media as the head of a cross‑border gambling and fraud network—could shape future enforcement steps. Finally, the broader impact on the illicit crypto‑scam ecosystem, including potential disruption of laundering channels, will be closely observed by regulators and industry participants.