UK sanctions illicit crypto marketplace Xinbi, freezes assets tied to Southeast Asia fraud ring

The UK Foreign, Commonwealth & Development Office and the Home Office said they have imposed sanctions on the illicit crypto marketplace Xinbi and individuals linked to a Southeast Asian fraud network. Blockchain analytics firm Chainalysis estimates Xinbi handled more than $19.9 billion in transactions from 2021 to 2025, with activity tied to money laundering, unlicensed over-the-counter trading and the sale of stolen personal data. The UK said it is the first country to sanction Xinbi. The measures also name Legend Innovation Co. and its director Eang Soklim, described as operators of the "#8 Park" fraud hub in Cambodia. Authorities believe the site may hold as many as 20,000 trafficked workers. UK officials added that multiple London properties have been frozen. Previously seized assets include a £100 million office building, two luxury homes and a helicopter. The government said the move is intended to dismantle the fraud network's financial infrastructure and will support broader international coordination at the Illegal Finance Summit in June.