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

PANews 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 encrypted 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 used for money laundering and over-the-counter illegal transactions. The sanctions also affect the operator, Legend Innovation Co. , its head, Eang Soklim , and the Prince Group financial network, which was previously sanctioned by the UK and the US. Related assets, including multiple properties in London, will be frozen.