UK Sanctions Crypto Marketplace Xinbi in Crackdown on Southeast Asian Scam Centers
The UK government has sanctioned Xinbi, a major illicit marketplace in Southeast Asia, for providing cryptocurrency services to scam centers that defraud global victims and exploit trafficked workers. Xinbi’s offerings include stolen personal data and satellite internet equipment for contacting targets. These sanctions aim to isolate Xinbi from the legitimate crypto ecosystem. The UK also sanctioned Legend Innovation Co.—operator of the #8 Park scam compound in Cambodia, which can house 20,000 trafficked workers—and key individuals involved in scam operations linked to the Prince Group. These actions follow earlier US-UK sanctions that resulted in investigations, arrests, and the freezing or seizure of over £1 billion in assets. Southeast Asia has become a hub for scam compounds run by transnational criminal networks, frequently using forced labor and trafficking. International efforts against these operations include Taiwan’s prosecution of individuals for money laundering, a US Scam Center Strike Force, and joint operations targeting crypto-enabled fraud.
