UK Imposes Sanctions on $20 Billion Chinese-Language Crypto Marketplace

The UK government has taken a major step in cracking down on illicit crypto activities by imposing sanctions on the $20 billion Chinese-language crypto guarantee marketplace Xinbi.

According to the Foreign, Commonwealth & Development Office (FCDO), Xinbi provides services that enable scams and money laundering, making it a central player in scam centers operating across Southeast Asia.

The sanctions will isolate Xinbi from the legitimate crypto ecosystem by restricting access to cryptocurrency transactions and freezing UK assets connected to the platform. This move is seen as a significant disruption to Xinbi's operations and aims to address the commercial marketplaces that sustain scam operators with payment facilitation and marketing services.