The UK has imposed sanctions on cryptocurrency marketplace Xinbi and scam complex No. 8 Park in Cambodia over a $19.9 billion fraud and trafficking network, freezing London assets ahead of an illicit finance summit in June.
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- The UK imposed sanctions on Xinbei – the first country to do so – after Chainalysis data showed it processed more than $19.9 billion in illicit transactions between 2021 and 2025.
- The sanctions also target the operator of the #8 Park fraud complex in Cambodia, which is believed to be housing up to 20,000 trafficked workers, along with several frozen properties in London.
- The action precedes the UK’s Illicit Finance Summit in June, where officials plan to push for greater international coordination against fraud networks backing cryptocurrencies.
The UK government on March 26 imposed sanctions on Xinbi, a Chinese-language cryptocurrency marketplace, making it the first country in the world to take such action against the platform. The measures, jointly announced by the Foreign, Commonwealth and Development Office and the Home Office, target what officials described as the main financial underpinning of widespread fraud and human trafficking across Southeast Asia.
according to String analysisXinbi processed more than $19.9 billion in transactions between 2021 and 2025. The platform facilitated money laundering, unlicensed over-the-counter cryptocurrency trading and the sale of stolen personal data, while providing the communications infrastructure – including satellite internet equipment – used to target fraud victims. Formerly Crypto.news I mentioned Xinbi is connected to the broader Telegram-based criminal market ecosystem, having worked alongside Haowang Daman, the largest darknet marketplace ever recorded.
The sanctions extend beyond Xinpei itself to include Legend Innovation, the operator of the “#8 Park” complex in Cambodia – a fraud center believed to house up to 20,000 trafficked workers – and its director, Iang Soklem. The individuals listed are also linked to the financial network of the Prince Group, which was sanctioned by the UK and US last year in a measure that led to asset freezes and seizures worth more than £1 billion ($1.3 billion).
Property freeze in London, dismantling of infrastructure
Many properties in London will be frozen under the new measures, in addition to previously seized British assets. Those previous seizures included an office building worth £100 million ($133 million), two mansions worth millions of pounds, and a helicopter. Officials say the latest measure will immediately restrict access to the financial channels used by the network.
“Our sanctions today send a clear message: We will not allow the British people to become victims of these appalling frauds or tolerate the egregious human rights abuses committed in these fraud centres,” Stephen Doughty, MP and UK Secretary of State for Europe, North America and Overseas Territories, said in the official statement. Government announcement.
The UK said its goal is to disconnect Xinbi from the entire legitimate cryptocurrency ecosystem – cutting off its ability to process transactions and eroding the financial backbone that enables fraudulent networks to recruit, maintain and hide their operations.
A massive crackdown on crypto trafficking
This action comes amid growing global concern about the role of cryptocurrencies in financing human trafficking and forced labour. Chinali analysis in February 2026 a report It found that cryptocurrency flows to suspected trafficking services rose by 85% in 2025, with Telegram-related networks operating stablecoins across Southeast Asia on an increasing scale. Just six days before Shinpei’s sanctions, the FBI and Thai police Freezing $580 million In cryptocurrencies linked to organized fraud rings targeting Americans.
The UK’s move is part of what officials describe as a broader strategy targeting not just individual perpetrators but the infrastructure that supports global fraud. Authorities said Shinpei’s sanctions will feed into the UK’s Illicit Finance Summit in June, where it plans to accelerate international coordination to combat money laundering and the cross-border movement of illicit funds.
As reported ClusterThe sanctions took effect immediately on March 26.
