Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.
One of Cambodia’s wealthiest businessmen has been hit with U.S. sanctions for allegedly playing a role in serious human rights abuses – including human trafficking and torture – tied to a pig butchering scam operation headquartered in the Southeast Asian country.
In placing Ly on the Specially Designated Nationals list, the U.S. is barring all U.S. persons – including citizens overseas and residents living in America – from transacting with him in any way. This could have a serious impact on his business activities, sanctions experts said. Zachary Goldman, a partner at law firm WilmerHale and co-chair of the firm’s Blockchain and Cryptocurrency practice, said that the sanctions on Ly and his companies extends to all transactions that transit through the U.S. – including dollar-denominated transactions clearing through a U.S. financial institution, even when there are no Americans involved in the transaction.
Because the sanctions against Ly and his companies will drastically curtail their ability to transact with international counterparties, as well as to access capital, Hanfin said the SDN designation is likely “equivalent to a corporate death sentence.”
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