The UK has imposed sanctions on Xinbi, a Chinese-language cryptocurrency platform accused of serving Southeast Asian scam networks. British authorities said the platform provided critical crypto-related services to criminal groups, while blockchain analytics firm Chainalysis reported that Xinbi handled more than $19.9 billion in illicit transactions between 2021 and 2025.
Authorities link Xinbi to laundering and fraud support services
The sanctions were announced jointly on Thursday by the UK Foreign Office and Home Office. The measures target Xinbi along with several individuals and companies tied to large-scale scam compounds. According to the UK, Xinbi was involved in services that supported fraud operations, including laundering funds, selling stolen personal data, and supplying satellite internet equipment and other communication tools used to identify and reach victims.
Chainalysis data brought the platform's scale into focus. British authorities said the transaction volume points to Xinbi's role in money laundering, unlicensed over-the-counter trading, and other illicit financial activity.
Cambodian scam compound operator also added to sanctions list
The action also covers Legend Innovation Co., the operator of Cambodia's “#8 Park” scam compound, and its head Eang Soklim. The report said the compound is believed to have confined as many as 20,000 trafficked workers.
The UK said it is the first country to sanction Xinbi. Officials described the move as an effort to cut the platform off from the legitimate crypto ecosystem, and said the sanctions took effect immediately.
London properties frozen as UK expands pressure on transnational finance networks
British officials said several London properties will also be frozen. Those steps add to UK assets previously seized, including an office building valued at £100 million, two mansions, and a helicopter. The article said the office property was worth about $133 million.
The UK also said enforcement actions targeting transnational financial networks last year led to more than $1.3 billion in assets being frozen or confiscated. Stephen Doughty, the UK's Minister for Europe and North America, said Britain would not tolerate the “appalling human rights abuses” taking place in these scam compounds. The government added that it plans to push for wider international cooperation on laundering and cross-border illicit fund flows at an illicit finance summit scheduled for June this year.