UK sanctions Xinbi, a cryptocurrency black market platform, to crack down on Southeast Asian fraud money networks.

CoinFeed reported on March 26 that, according to The Block, the UK government announced sanctions against Xinbi, a cryptocurrency illicit marketplace, and its affiliated individuals and entities. The sanctions allege that Xinbi provided communication services such as crypto payments, trading of stolen goods, and satellite internet to large-scale fraud rings in Southeast Asia, including Cambodia's "#8 Park." Chainalysis data shows that Xinbi processed over $19.9 billion in transactions between 2021 and 2025, allegedly for money laundering and over-the-counter (OTC) illicit transactions. The sanctions also affect the operator, Legend Innovation Co., its head, Eang Soklim, and the Prince Group financial network, which had previously been sanctioned by the UK and the US. Related assets, including multiple properties in London, will be frozen.