US EditionUK sanctions Xinbi marketplace linked to Asian scam centers
The UK targeted Xinbi and operators of Southeast Asia scam compounds processing nearly $20 billion in illicit crypto transactions to disrupt major criminal networks.
- On Thursday, the United Kingdom's Foreign, Commonwealth and Development Office sanctioned the Xinbi Guarantee online marketplace, aiming to disrupt operations linked to billions in cryptocurrency transactions and scam centers like #8 Park.
- Operating primarily on Telegram, Xinbi has processed $19.7 billion, facilitating money laundering and the sale of stolen databases that fuel global scam operations and human trafficking networks.
- Officials targeted the #8 Park facility, which reportedly accommodates 20,000 trafficked workers, as Minister of State for Europe, North America and Overseas Territories Stephen Doughty said sanctions "send a clear message" against human rights abuses.
- These measures aim to isolate the marketplace from legitimate cryptocurrency ecosystems, while the British government also seized properties linked to sanctioned individuals, including a £9 million penthouse in London.
- At the Illicit Finance Summit in June, the United Kingdom will lead global efforts to tackle money laundering and sustain international pressure on illicit finance networks fueling scam operations.
19 Articles
19 Articles
Times of India
The Edge MarketsUK sanctions Cambodia-based scam centre and crypto platform
Britain has imposed sanctions on operators of a massive fraud compound in Cambodia and an online crypto marketplace. These entities are accused of facilitating online scams targeting people globally. The action aims to safeguard British citizens from sophisticated online fraud schemes. The sanctions also freeze London properties linked to the network.
UK sanctions Xinbi marketplace linked to Asian scam centers
The United Kingdom's Foreign, Commonwealth and Development Office (FCDO) has sanctioned Xinbi, a Chinese-language cryptocurrency-based online marketplace that sells stolen data and satellite internet equipment to scam networks in Southeast Asia.
UK Slaps Sanctions On $20B Crypto Black Market Tied To Southeast Asia Scam Rings
Blockchain analytics firm Chainalysis puts the number at close to $20 billion — the estimated volume of dirty money that flowed through Xinbi, a Chinese-language crypto marketplace, between 2021 and 2025. Now the UK government wants to shut it down. Scam Hubs At The Center Of It All Britain’s Foreign, Commonwealth & Development Office announced Thursday that it has imposed sweeping sanctions on Xinbi, a platform accused of providing crypto-based…
CASE STUDY | This UK Sanction Signals Early Separation of Legal and Illicit Crypto Ecosystems
The United Kingdom (UK) has imposed sweeping sanctions on Xinbi, a major crypto-linked black market, as part of a broader crackdown on global scam networks tied to Southeast Asia. Announced by the Foreign, Commonwealth & Development Office, the measures target Xinbi – described as a Chinese-language online marketplace facilitating fraud – as well as individuals and entities connected to large-scale scam operations. Authorities say the platform h…
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