UK sanctions Xinbi’s new-dollar guarantees! Money laundering of $19.9 billion over five years, fueling the rampant operation of scam enclaves across Southeast Asia

The UK sanctions Xinbi, citing its handling of $19.9 billion in illegal transactions from 2021 to 2025, linking it to the Cambodian No. 8 Park and a transnational money laundering network.

The world’s first sanctions, $19.9 billion money laundering channel cut off

The UK government announced sanctions against the cryptocurrency trading platform Xinbi (New Currency Guarantee) yesterday (3/26). This action was jointly initiated by the Foreign, Commonwealth & Development Office (FCDO) and the Home Office, making the UK the first country in the world to take legal action against the platform. According to investigations by blockchain data tracking agencies Chainalysis and Elliptic, Xinbi processed illegal transactions amounting to as much as $19.9 billion from 2021 to 2025. Behind this staggering figure lies a vast network of transnational fraud and human trafficking.

The sanctions aim to completely isolate Xinbi from the legitimate cryptocurrency ecosystem. UK officials pointed out that the platform has long provided crucial financial infrastructure for fraud criminal groups in Southeast Asia, assisting criminals in laundering illicit gains and evading international regulations. Xinbi’s operating model involves a large number of unauthorized over-the-counter (OTC) transactions and plays a key role in the export of illegal funds, especially inextricably linked to the “pig butchering” scams and romance frauds that have run rampant globally in recent years.

Stephen Doughty, UK’s Minister for Europe, North America and Overseas Territories, emphasized that the government is determined to protect British citizens from these inhumane scams while showing zero tolerance for human rights violations within fraud parks.

The dual-faced underground hub, from escrow services to criminal tech support

On the surface, the platform offers escrow services and builds transaction trust through intermediary mechanisms, but it has actually evolved into an underground hub connecting illegal service providers and criminals. The range of services provided by Xinbi is extensive, including peer-to-peer (P2P) trading, instant messaging, and more blatantly selling stolen personal data, SMS interception tools, and various equipment used for scams. To ensure that criminals can easily contact potential victims worldwide, the platform even provides satellite communication equipment to fraud centers located in remote areas.

Image source: Chainalysis The range of services offered by Xinbi is extensive, including peer-to-peer (P2P) trading, instant messaging

Despite having been blocked multiple times by the messaging software Telegram, Xinbi has shown remarkable resilience. It quickly shifted to encrypted communication platforms like SafeW and developed its own payment tool, XinbiPay, attempting to construct a completely closed financial loop that is not subject to official regulation. Investigations show that Xinbi’s rise is linked to its competitors Huione Guarantee and Tudou Guarantee shutting down due to regulatory pressure. It filled the market gap and rapidly expanded to become one of the largest illegal cryptocurrency trading markets in Southeast Asia.

Image source: Chainalysis Xinbi’s rise is linked to its competitors Huione Guarantee and Tudou Guarantee shutting down due to regulatory pressure

The cruel truth behind the digits, the blood and tears of Cambodia’s No. 8 Park

The sanctions list also targets physical criminal bases in Southeast Asia. The UK government announced sanctions against Legend Innovation Co. and its director Eang Soklim. This company is the behind-the-scenes operator of Cambodia’s largest fraud park, “No. 8 Park” (#8 Park, also known as Legend Park).

It is estimated that the park can accommodate 20,000 workers, most of whom are trafficking victims lured by high-paying job offers. These laborers, trapped in the park, are forced to work in scams under harsh conditions, facing torture and violence if their performance is poor.

“No. 8 Park” has deep connections with the Prince Group and its chairman Chen Zhi, who were sanctioned by the US and UK last year. Chen was arrested earlier this year in Cambodia and extradited to China for trial, but the criminal network he left behind continues to operate. The sanctions list also includes Chen’s key aide Thet Li, who is responsible for managing the Prince Group’s international money laundering financial network. These fraud parks heavily rely on cryptocurrencies for value transfer and salary payments, increasing the difficulty for law enforcement agencies to track the flow of funds. Amnesty International has also issued warnings that the fraud parks in Southeast Asia have turned into a serious humanitarian crisis.

• Related news: Prince Group’s Chen Zhi arrested and extradited to China! The US seizes $14 billion in Bitcoin, and Taiwan issues a warrant against cryptocurrency wash trading heads

London assets frozen, global law enforcement network builds financial defenses

With the sanctions order taking effect, the UK government immediately froze multiple properties located in London. In previous actions, officials had already seized an office building valued at £100 million, two luxury villas worth several million pounds each, and a private helicopter. These assets are considered to be investments made by criminal groups using victims’ hard-earned money overseas. This action sends a clear signal that London is no longer a safe haven for money launderers.

This crackdown is part of a global coordinated effort to combat cryptocurrency crime. In February of this year, the FBI and Thai police jointly froze $580 million in cryptocurrency; Taiwanese authorities have also recently prosecuted 62 suspects involved in laundering money for Cambodian fraud parks, with the amount involved reaching $339 million. The UK government sees this wave of sanctions as a prelude to the “Illicit Finance Summit” to be held in June, where representatives from various countries will discuss tighter international cooperation mechanisms.

As law enforcement agencies’ technical means and legal processes connect, the illegal funding channels hidden in the digital fog are gradually facing a complete blockade, and this long-term war to protect investors’ assets and end the tragedy of human trafficking has entered a new stage of confrontation.