UK sanctions Xinbi, freezes London assets in move against Southeast Asia-linked crypto fraud

The UK's Foreign, Commonwealth & Development Office and the Home Office have jointly imposed sanctions on Xinbi, an illicit cryptocurrency marketplace, along with individuals tied to a Southeast Asian fraud network, according to The Block. Blockchain analytics firm Chainalysis estimates Xinbi handled more than $19.9 billion in transactions from 2021 to 2025. The flows are said to involve money laundering, unlicensed over-the-counter trading and the sale of stolen personal data. UK authorities said Britain is the first country to sanction Xinbi. The measures also extend to Legend Innovation Co. and its director Eang Soklim, described as operators of the "#8 Park" scam compound in Cambodia that is believed to hold as many as 20,000 trafficked workers. UK officials said multiple London properties have been frozen, including previously seized assets such as a £100 million office building, two luxury homes and a helicopter. Authorities said the action is intended to disrupt the network's financial infrastructure and to spur wider international coordination at the Illicit Finance Summit in June.