#特朗普数字资产政策新方向 Huiwang has collapsed. This company, once dubbed the "Alipay of Cambodia," disappeared just like that.

This whole thing is actually pretty interesting—it might have genuinely set out to do something legitimate at first, aiming to help Chinese people solve the hassles of cross-border currency exchange and bring the convenience of mobile payments from China over there. But the problem is, Cambodia’s regulatory environment is pretty lax, and things quickly went sideways.

Once it caught the eye of the black market, it couldn’t hold up. Money laundering channels, escrow transactions, even funds from human trafficking were moving through it. The technology itself is neutral, but in the hands of the wrong people, it became the infrastructure for crime. Later, they got even bolder—issuing their own tokens, promising high returns, and specifically attracting laundered scam money. What happened in the end? Both scammers and victims ended up having their money locked in the same pool.

They probably thought that having connections and backing would let them keep playing the game. But this time, it was the US that acted—directly freezing assets and cutting off the capital flow. Those old tricks of pulling strings and exploiting loopholes don’t work at all when it comes to cross-border regulation.

This serves as a wake-up call for anyone looking to go global in payments and fintech: the times have really changed. The old ways of quietly making money in gray areas don’t work anymore. No matter how advanced your tech is or how strong your backing, if you don’t play by the rules, it’ll all end up being for nothing.

The collapse of Huiwang is essentially the collective bankruptcy of greed and wishful thinking. Business can take risks, but you can’t abandon your bottom line.