US Treasury Sanctions 41 Companies Tied to Prince Group Scam Network

The US Treasury's Office of Foreign Assets Control (OFAC) on Nov. 5 added 41 companies and four individuals to its sanctions list for allegedly keeping the Prince Group scam network running. Separately, it sanctioned a Malaysian national who managed scammers operating from Africa.

Details

According to the Treasury press release, the firms are registered in the British Virgin Islands, Hong Kong, Cambodia, Singapore, Mauritius and other jurisdictions. They set up offshore structures and hid beneficial ownership for a business that served Prince Group, which Treasury designates as a transnational criminal organization. Its schemes include digital-asset investment scams, romance scams and other online fraud, often relying on trafficked or coerced workers in Southeast Asian scam compounds.

It is the third sanctions action tied to the group: its leadership was designated on Oct. 14, 2025 and June 23, 2026, and this round targets the corporate infrastructure and financial facilitators. The restrictions also cover entities owned 50% or more by blocked persons, and US persons may not deal in their property without an OFAC license. Treasury worked with the FBI, the Justice Department's Scam Center Strike Force, the US Attorney's Office for the District of Alaska, the British Virgin Islands Financial Investigation Agency and the UK Foreign Office.

The release also names a Madagascar-based network run by Chui Kok Wa, which Treasury says defrauded Americans of more than $400,000 using cryptocurrencies and digital systems. Treasury Secretary Scott Bessent said cyber scam syndicates keep stealing billions of dollars from Americans through sophisticated international business networks (paraphrase of the release).

What this means for the market

The action does not move the broader crypto market: it targets fraud, not crypto infrastructure. For exchanges, OTC desks and payment providers it raises compliance risk, since dealing with listed persons or companies they own 50% or more can bring sanctions exposure and trouble with US banks. For live prices, see the daily brief.