US Sanctions Prince Group Scam Network in New Crypto Fraud Crackdown
The United States has sanctioned 45 people and companies tied to a large crypto scam network, in a new crackdown on online fraud that targets ordinary savers.
What happened
On November 5, 2026, the US Treasury’s Office of Foreign Assets Control, known as OFAC, sanctioned four individuals and 41 companies linked to the Cambodia-based Prince Group. The US government treats Prince Group as a transnational criminal organization.
This is the third round of sanctions against the network. Earlier designations came in October 2025 and June 2026. This round targets the corporate structures and financial helpers that kept the network running after its leaders were sanctioned.
The four newly sanctioned individuals are Qiu Yong, Zhao Mengyao, He Yujing and Visal Pang. The 41 companies are spread across the British Virgin Islands, Hong Kong, Cambodia, Singapore, Mauritius and Malaysia. In Cambodia, the list includes CB General Insurance PLC and Prince International Airlines Co. Ltd., which the Treasury said are controlled by previously sanctioned Prince Group executive Chen Bo.
In a separate action the same day, the Treasury sanctioned Chui Kok Wa, a Malaysian national accused of running a scam network based in Madagascar. The Treasury said his network defrauded Americans of more than $400,000 in digital assets. US prosecutors unsealed charges against Chui on October 27, 2026, in the US District Court for the District of Columbia, accusing him of conspiracy to commit wire fraud.
US officials say Prince Group ran large scam compounds in Southeast Asia, where workers, including trafficking victims, were forced to run crypto investment scams, romance scams and other online fraud. The group is accused of generating billions of dollars in illicit proceeds. The US previously seized more than $15 billion in cryptocurrency tied to the group and its chief executive Chen Zhi.
Why it matters for beginners
A sanction is a penalty that freezes assets under US control and cuts the target off from the US financial system. Banks and businesses in the US are not allowed to deal with sanctioned people or companies. That makes it much harder for a scam network to move or hide money.
This story matters because the scams hit ordinary people, not just big investors. A common trick is a fake crypto investment offer that promises fast, guaranteed returns, or a new online romantic interest who slowly steers the conversation toward investing in crypto. The money goes to wallets controlled by criminals, and it is very hard to get back.
The crackdown does not change how crypto itself works, and it is not a ban on crypto. It targets fraud, not the technology. But it is a reminder that the crypto world still has weak spots, and that law enforcement is paying close attention to scam networks. Readers who want background on earlier crypto enforcement can read our posts on the Binance hack and the US action against crypto exchange MEXC.
What to watch next
Watch for further US actions against the companies and banks that helped Prince Group move money, and for criminal cases against the people named. Also watch whether other countries take similar steps, since the network used companies in many jurisdictions. If you are ever offered a crypto investment by someone you met online, pause, check the offer with an independent source, and never send money or crypto to a stranger.
FAQ
What is a sanction?
A sanction is a government penalty. In this case, it freezes any assets the named people and companies hold under US control and blocks US banks and businesses from dealing with them.
What is the Prince Group?
Prince Group is a Cambodia-based organization that US authorities say ran large-scale online fraud, including fake crypto investment schemes and romance scams, from compounds in Southeast Asia. The US has designated it as a transnational criminal organization.
Does this affect the price of Bitcoin or other crypto?
This action targets a fraud network, not the crypto market itself, so it is not expected to move crypto prices on its own. Prices move on many factors, including interest rates, economic data and investor mood.
How can I spot a crypto scam?
Be careful with any investment offer that promises guaranteed returns, pressures you to act fast, or comes from someone you met online who wants to move the conversation to a private chat. Real investments never guarantee profits. Never send crypto to a stranger, and check any platform or offer with an independent source first.
Sources
US Department of State, “Dismantling the Prince Group Transnational Criminal Organization,” press statement, November 5, 2026: https://www.state.gov/releases/office-of-the-spokesman/2026/11/dismantling-the-prince-group-transnational-criminal-organization/
The Record, “US issues more sanctions against Prince Group scam center affiliates,” November 5, 2026: https://news.fmisec.com/us-issues-more-sanctions-against-prince-group-scam-center-affiliates/
This article is for general information and education only. It is not legal or financial advice.
