The Foreign, Commonwealth & Development Office has announced sweeping sanctions against Xinbi, a $20 billion Chinese-language crypto guarantee marketplace accused of enabling scams.
According to the UK government, Xinbi offers crypto-based services and tools that facilitate fraud, playing a key role in scam operations across Southeast Asia.
Officials said the sanctions are designed to cut the platform off from the legitimate crypto ecosystem, severely limiting its ability to send and receive cryptocurrency.
While targeting illicit activity, the government also emphasized a distinction between legitimate and criminal uses of crypto—an approach seen as supportive of the broader industry’s reputation.
Under the measures, any UK-based assets linked to Xinbi will be frozen, and the platform will be excluded from the country’s financial, trade, and travel systems. UK businesses and individuals, including banks and crypto firms, are also barred from providing services, funding, or investments to the platform.
Key infrastructure targeted in crackdown
Blockchain analytics firm Chainalysis estimates that Xinbi processed over $19.9 billion between 2021 and 2025 and is closely linked to a broader network of illicit services.
The latest sanctions from the Foreign, Commonwealth & Development Office also target individuals tied to this ecosystem, including Thet Li, who allegedly managed the international financial network of the Cambodia-based Prince Group, and Hu Xiaowei, who is reportedly connected to both the group and the #8 Park scam compound.
According to Chainalysis, the measures are aimed at disrupting the key on- and off-ramps that enable large-scale fraud, noting that such operations exploit the speed and borderless nature of crypto networks.
“By blacklisting a well-known Chinese-language guarantee marketplace, the FCDO is addressing the commercial hubs that support scam operators with payment processing and marketing services,” the firm said.
The report also highlighted that traditional financial systems—such as wire transfers—have long been used for money laundering due to their scale and global reach. The Financial Action Task Force estimates that 2% to 5% of global GDP is laundered through traditional channels, while Chainalysis puts illicit crypto activity at under 1% of total transactions.
Meanwhile, the U.S. Treasury Department has also stepped up enforcement, recently sanctioning six individuals and two entities linked to an IT worker fraud scheme allegedly orchestrated by North Korea, a state actor known for targeting the crypto sector.
