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BTCC / BTCC Square / Global Cryptocurrency /
UK Sanctions $20B Crypto Scam Network, Severs Ties with Xinbi Platform

UK Sanctions $20B Crypto Scam Network, Severs Ties with Xinbi Platform

Author:
Global Cryptocurrency
Published:
2026-03-29 02:28:02
14
2
BTCCSquare news:

The UK Foreign, Commonwealth & Development Office has imposed sweeping sanctions on Xinbi, a Chinese-language crypto guarantee marketplace linked to $19.9 billion in illicit flows between 2021 and 2025. Effective March 26, 2026, the action cuts the platform off from the global crypto ecosystem.

Assets tied to Xinbi are now frozen across UK-linked institutions. British banks, crypto firms, and individuals are barred from transacting with the platform. The sanctions also target key on-ramps and off-ramps sustaining what officials describe as one of the most interconnected scam networks ever documented.

Sanctions extend beyond Xinbi to individuals Thet Li and Hu Xiaowei, Cambodia's #8 Park scam compound, and Legend Innovation Co. with its director Eang Soklim. These entities form part of the sprawling Prince Group network.

The move follows a coordinated international crackdown. Six days prior, the FBI and Thai police froze $580 million in crypto tied to scam gangs targeting US citizens.

|Square

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