UK Sanctions $20 Billion Crypto Scam Platform Xinbi to Curb Illicit Activity

The UK government has imposed sanctions on Xinbi, a Chinese language crypto guarantee marketplace, after it was found to have processed over $19.9 billion in illicit flows between 2021 and 2025. The platform reportedly provides services enabling scams, fraud, and other illegal activities, and is deeply connected to other illicit networks across Southeast Asia.

The Foreign, Commonwealth & Development Office (FCDO) emphasized that the sanctions aim to separate Xinbi from the legitimate crypto ecosystem, restricting its ability to send or receive cryptocurrency. UK assets linked to Xinbi will be frozen, and the platform is barred from the country’s financial, trade, and travel networks. UK-based businesses, banks, crypto firms, and individuals are prohibited from providing services, loans, or investments to the platform.

Key Figures and Infrastructure in Sanctions

Sanctions also target individuals tied to the Prince Group, a Cambodia-based company accused of large-scale crypto fraud. This includes Thet Li, Hu Xiaowei, and #8 Park, which served as a hub for scam operations. Blockchain analytics firm Chainalysis noted that targeting these on- and off-ramps disrupts payment facilitation and marketing services critical to scam ecosystems.

Broader Implications for Crypto and Financial Security

While traditional financial systems are still exploited for money laundering, crypto-related illicit activity remains below 1% of total transactions. The sanctions highlight an international effort to curb fraud while protecting the broader legitimacy of the crypto industry. Similar actions by the US Treasury against North Korean linked schemes underscore growing global regulatory pressure on illicit crypto networks.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.