The UK government has imposed sanctions on Xinbi, a $20 billion Chinese-language crypto scam platform, cutting it off from the legitimate crypto ecosystem. The Foreign, Commonwealth & Development Office stated that Xinbi provides scam-enabling services and plays a key role in Southeast Asian fraud networks.
UK assets tied to Xinbi will be frozen, and the platform will be barred from financial, trade, and travel networks. UK-based entities are prohibited from engaging with Xinbi.
Chainalysis estimates Xinbi processed over $19.9 billion between 2021 and 2025, and its operations are deeply linked to illicit activities. The sanctions also target individuals connected to the Prince Group and #8 Park, a scam compound.
The move separates legitimate from illicit crypto ecosystems, aiming to protect the industry's reputation.
