Prince Bank “has been placed under liquidation in accordance with the laws of the Kingdom of Cambodia,” the National Bank of Cambodia (NBC) said in a statement.

Prince Bank has been “suspended from providing new banking services, including accepting deposits and providing credit”, the statement said.

The NBC said it had appointed auditor Morisonkak MKA as the liquidator.

Prince Bank is a subsidiary of Chen’s Prince Holding Group, one of Cambodia’s largest conglomerates.

Customers who have deposits at Prince Bank “can withdraw money normally by preparing documents for withdrawal”, and borrowers “must continue to fulfil their obligations as normal”, the NBC added.

Chinese-born Chen was sanctioned by Washington and London in October for directing alleged cyberscams run by hundreds of workers trafficked into compounds in Cambodia.

Cambodian authorities said they arrested Chen and extradited him to China on Tuesday.

Chinese authorities have not commented on Chen’s arrest since it was announced on Wednesday.

The US justice department declined to comment on the operation.

Chen faces up to 40 years in prison if convicted in the US on wire fraud and money laundering conspiracy charges involving approximately 127,271 bitcoin seized by the US, worth more than US$11 billion at current prices.

Prince Group has denied the allegations.