The UK has imposed sanctions on Xinbi, a crypto marketplace linked to scam networks, aiming to sever its ties with the global crypto ecosystem. Xinbi is estimated to have processed nearly $20 billion in illicit transactions from 2021 to 2025.
The UK’s Foreign, Commonwealth & Development Office announced sanctions against Xinbi, which is associated with various illicit services and scam operations in Southeast Asia. The platform is believed to have facilitated over $19.9 billion in illicit flows and is interconnected with other scam networks. The sanctions are intended to disrupt Xinbi's operations by limiting its ability to conduct cryptocurrency transactions.