Public Response to Prince Bank’s Withdrawal Crisis

A significant crowd assembled outside the main branch of Prince Bank in Phnom Penh early Saturday to withdraw their funds, while some branches halted trading due to liquidity issues, as reported.

Frustration amongst the public escalated when access to Prince Bank’s website and mobile app became unavailable. The bank, attempting to quell fears, assured clients that services were operational and urged them to remain patient. However, numerous complaints continued to flood in from concerned customers.

In a statement, the bank emphasized, “The actions of the U.S. Treasury Department’s Office of Foreign Assets Control will not impact our operations. We are dedicated to maintaining all customer relationships with transparency and integrity.”

The urgency behind the withdrawals was triggered by sanctions imposed on October 14 by the U.S. Department of Justice, the U.S. Treasury, and the UK government against Prince Holding Group, which is the parent entity of Prince Bank, and its founder Chen Zhi.

The U.S. government has allegedly confiscated over $15 billion in bitcoin that was linked to laundering activities attributed to Chen and Prince Holding Group. Chen faces charges of fraud and money laundering, with the potential for up to 40 years in prison if convicted.

Additionally, the UK government has sanctioned Golden Fortune Resorts World, which operates near Phnom Penh, as well as adding Jinbei Group and Byex Exchange—both associated with Prince Holding Group—to the sanctions list.

Authorities cited that Chen has been involved in a transnational criminal network, defrauding individuals globally and exploiting trafficked workers throughout Southeast Asia.

To further reassure depositors, the National Bank of Cambodia declared its commitment to ensuring the safety and proper management of customers’ accounts, emphasizing that banks are legally required to maintain enough liquidity to meet withdrawal demands.