The UK has taken a significant step in its efforts to combat cryptocurrency-related fraud by imposing sanctions on Xinbi, a marketplace linked to scam centres in Southeast Asia.
According to the Foreign, Commonwealth and Development Office, Xinbi operated as a Chinese-language platform that provided services and tools used by fraud operators, including access to stolen personal data and communication equipment.
The sanctions were issued under the UK's global human rights sanctions regime, which allows for assets to be frozen and financial access to be restricted for designated individuals and businesses.