The UK government has sanctioned the Chinese-language crypto marketplace Xinbi as part of an effort to dismantle the financial infrastructure supporting Southeast Asia’s large-scale fraud operations. According to blockchain analytics, the peer-to-peer platform processed nearly $20 billion between 2021 and 2025, facilitating the sale of stolen data, money laundering tools, and scam equipment. The designation highlights a growing focus on targeting the crypto networks that enable criminal activities, with sanctions also applied to a major scam facility operator and two linked individuals.
Britain’s Foreign, Commonwealth and Development Office has sanctioned the Chinese-language crypto marketplace Xinbi. Blockchain analytics firm Chainalysis reports the platform processed nearly $20 billion in volume from 2021 to 2025.
The designation targets the financial infrastructure sustaining industrial-scale fraud operations in Southeast Asia. The UK government accused the platform of supporting entities involved in human rights abuses within scam centers.
Goods offered on Xinbi included stolen personal data, money laundering tools, and satellite equipment to contact fraud victims. It functioned as a peer-to-peer marketplace on Telegram with built-in escrow protections for illegal services.
The platform was tightly linked with other illegal services such as the Huione and Tudou guarantee platforms. Authorities previously pushed Telegram to close the marketplace’s channels in 2025, but it quickly reestablished operations.
The FCDO also sanctioned Legend Innovation, the operator of Cambodia’s largest scam facility. Two individuals linked to the Prince Group were sanctioned as key financial and operational figures.
The UK is employing regulations and law enforcement collaborations to combat crypto-enabled crime. One joint action with U.S. agencies sought to shut down Huione Group and open a $15 billion civil forfeiture case.
