US Treasury Sanctions 45 More Prince Group-Linked Targets in Third Round
The US Treasury's Office of Foreign Assets Control sanctioned four individuals and 41 entities tied to Cambodia-based Prince Group, in its third designation round against the network. The action also named Malaysian national Chui Kok Wa, accused of running a Madagascar-based scam network that defrauded Americans.
Written by CoinArticle’s AI Newsroom · from 3 cited sources. How we work
What Treasury Announced
The Office of Foreign Assets Control sanctioned 45 targets on Thursday, November 5, 2026, consisting of four individuals and 41 entities that Treasury says support Prince Group, the Cambodian conglomerate it accuses of running crypto investment and romance scam operations. This is the third major US sanctions round against Prince Group-related actors, following designations in October 2025 and June 2026.
Treasury said the new targets are offshore companies, nominee owners and administrators that helped Prince Group executives conceal assets and evade earlier sanctions. Treasury Secretary Scott Bessent said scam syndicates steal billions from American victims while relying on international business networks to launder proceeds.
Who and Where
Among the individuals named are Qiu Yong, who Treasury says controls a network of British Virgin Islands and Hong Kong companies on Prince Group's behalf, and his assistant Zhao Mengyao. OFAC also designated He Yujing, the wife of sanctioned Prince Group executive Chen Bo, to whom Treasury says he transferred ownership of a Tokyo mansion after the October 2025 sanctions, and Visal Pang, who controls 11 Cambodian companies. Eleven companies still controlled by Chen Bo were also listed, including Prince International Airlines and CB General Insurance.
The 41 entities span the British Virgin Islands, Hong Kong, Cambodia, Singapore, Mauritius and Malaysia. Additional designations cover entities linked to associate Dai An and a Singapore media company owned by alleged finance chief Thet Li.
Chui Kok Wa and the NFT Scam Case
OFAC separately designated Chui Kok Wa, a Malaysian national based in Madagascar, whom Treasury says led a scam network that used crypto and other technologies to defraud Americans of more than $400,000 in digital assets. Treasury says the scheme used fake NFT investment pitches to drain victim wallets.
Figures differ between agencies. Treasury describes losses of more than $400,000, while related Department of Justice charges reference approximately $516,695 taken from 74 crypto wallets belonging to around 800 victims through fake NFT schemes. The two figures describe the same case through different framing and sourcing, and neither source reconciles them.
Context and Enforcement Background
The US is seeking forfeiture of about $14 billion in Bitcoin tied to Prince Group, according to Decrypt. Treasury said the action was coordinated with the FBI, the Justice Department's Scam Center Strike Force, which reports $580 million in crypto seizures and freezes, and the US Attorney's Office for the District of Alaska. Chen Zhi, Prince Group's chairman, was arrested in Cambodia in January and extradited to China, where state media described him as head of a cross-border gambling and fraud syndicate. Prince Group has denied the allegations.
Secondary reporting frames the scope of the problem more broadly. FinCEN linked about $12.7 billion in reported financial activity to suspected crypto investment scams in September, and the UN Office on Drugs and Crime estimated scam operations in East and Southeast Asia, Australia and New Zealand cost victims between $88.3 billion and $114.1 billion in 2025. Those estimates come from different methodologies and are not directly comparable to the Prince Group figures.
Compliance Implications
The designations mean US persons must block covered assets and avoid unauthorized dealings with the listed parties. The Defiant noted that the SDN update lists no crypto addresses for the newly designated parties, so exchanges and custodians will need to screen against names and entity identifiers rather than wallet addresses alone. Firms with exposure to flows touching Hong Kong, Singapore, Malaysia, Mauritius or the British Virgin Islands are likely to face the heaviest screening load.
Why It Matters
For Traders
Exchanges and custodians tightening screening on Asia-linked flows could cause temporary withdrawal or onboarding friction for affected accounts over the next few days.
For Investors
Repeated sanctions rounds signal sustained US enforcement pressure on scam networks, which is likely to shape compliance costs across the sector for the foreseeable future.
For Builders
Wallet and protocol teams should expect more entity-based rather than address-based sanctions lists, so screening pipelines need name and corporate-registry matching, not just on-chain address checks.
This article is for information only and is not financial advice. Read the full disclaimer.
