UK sanctions Xinbi crypto black market platform over alleged links to Southeast Asia scam hubs

March 26 — The UK government has sanctioned the cryptocurrency black market platform Xinbi, along with related individuals and entities, alleging the network facilitated crypto payments, illegal data trading and satellite internet communications for major fraud centers in Southeast Asia, including Cambodia's "#8 Park." According to The Block, blockchain data cited by Chainalysis shows Xinbi processed more than $19.9 billion in transactions from 2021 to 2025, activity the UK says was used for money laundering and other off-exchange illicit dealings. The measures also target Xinbi's operator, Legend Innovation Co., its负责人 Eang Soklim, and the Prince Group financial network. The UK and US have previously sanctioned Prince Group-related entities; the UK action includes freezing associated assets, including multiple properties in London.