UK sanctions crypto black market platform Xinbi and crackdown on Southeast Asia scam networks

TechubNews · 2026-03-27T01:57:49+00:00

The UK government sanctions involving the crypto market Xinbi and related individuals and entities, alleging that they provide crypto payment and communication services to a large scam hub in Southeast Asia and are involved in money laundering and illegal transactions. The sanctions also include asset freezes.

TechubNews

2026-03-27 01:57:49

Abstract generation in progress

Techub News reports that The Block states that the UK government has announced sanctions against the illegal crypto market Xinbi and its associated individuals and entities, accusing them of providing crypto payments, stolen data trading, and satellite internet communication services to Southeast Asia’s large-scale scam hubs, including the “8 Park” zone in Cambodia. Chainalysis data shows that Xinbi processed over $19.9 billion in transactions from 2021 to 2025, allegedly used for money laundering and off-market illegal transactions. The sanctions also target the operator Legend Innovation Co., its responsible person Eang Soklim, and the Prince Group financial network previously sanctioned by the UK and US. Related assets, including multiple properties in London, will be frozen.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.