UK Sanctions Xinbi Crypto Platform Over More Than $19.9 Billion in Transactions
According to the UK Foreign, Commonwealth & Development Office, sanctions on Xinbi and two individuals aim to disrupt crypto-linked scam infrastructure tied to Southeast Asia by freezing assets and cutting access to financial services.
The UK Foreign, Commonwealth & Development Office said it imposed sanctions on Xinbi, a Chinese-language crypto marketplace accused of supporting scam operations across Southeast Asia, and on two individuals, Thet Li and Hu Xiaowei. Chainalysis estimated that nearly $20 billion in illicit funds moved through Xinbi between 2021 and 2025. The sanctions freeze any UK-linked assets and prohibit British banks, crypto firms, and citizens from doing business with the platform. UK officials said the measures are intended to isolate Xinbi from exchanges, wallets, and other financial services it relies on, while Chainalysis described the action as targeting key on- and off-ramps used by criminal networks.
- Sanctions: Government-imposed restrictions that can freeze assets and prohibit transactions or business dealings with targeted entities or individuals.
- Crypto marketplace: A platform that provides services for transacting or moving digital assets, which can include payment processing and related financial activity.
- On- and off-ramps: Services that let users move funds between crypto and the traditional financial system, such as exchanges, payment processors, or banking channels.