The UK's Foreign, Commonwealth and Development Office (FCDO) has taken action against Xinbi, a Chinese-language cryptocurrency platform that operates as an escrow-style marketplace. According to blockchain analytics firm Chainalysis, Xinbi processed over $19.9 billion in transactions between 2021 and 2025.
The designation of Xinbi under the Global Human Rights sanctions regime marks the first time this framework has been applied to a cryptocurrency marketplace. This move aims to isolate Xinbi from the legitimate cryptocurrency ecosystem and prevent it from sending and receiving transactions.
The platform's operations involve connecting vendors selling illicit services, including money-laundering services, stolen personal databases, and tools for running scams. Xinbi's ability to adapt and migrate its operations after previous disruptions has raised concerns about its resilience and continued threat to global security.