UK Expels China-Based Xinbi from Crypto Market Over $19.9B Illicit Transfers

The UK Foreign Office has barred Xinbi, a Chinese digital collateral platform, from operating in the country's cryptocurrency market effective March 26, 2026. The crackdown follows revelations that Xinbi processed nearly $19.9 billion in unauthorized transactions between 2021 and 2025.

All UK-linked Xinbi assets have been frozen, with British financial institutions, crypto firms, and individuals now prohibited from engaging with the platform. The sanctions extend beyond crypto operations to a full suspension of Xinbi's financial, commercial, and travel activities.

Authorities have blacklisted key Xinbi associates including Thet Li and Hu Xiaowei, the latter connected to Cambodia's #8 Park scam hub. Corporate entities Legend Innovation and its executive Eang Soklim were also sanctioned as part of the Prince Group network, known for its Cambodian influence across multiple sectors.

The UK has implemented strict prohibitions on all Xinbi-related crypto transfers through domestic exchanges, custodians, or payment networks. This enforcement action represents one of the most comprehensive crackdowns on a crypto platform by British regulators to date.