Gate News: On March 26, the UK Foreign, Commonwealth & Development Office and the Home Office jointly announced sanctions against the illegal cryptocurrency market Xinbi and individuals involved in Southeast Asian scam networks. According to blockchain analysis firm Chainalysis, Xinbi handled over $19.9 billion in transactions between 2021 and 2025, involving money laundering, unlicensed over-the-counter trading, and the sale of stolen personal data. The UK is the first country to impose sanctions on Xinbi. The sanctions also target Legend Innovation Co., the operator of the “#8 Park” scam base in Cambodia, and its leader Eang Soklim, which is believed to hold up to 20,000 trafficked workers. Meanwhile, multiple properties in London have been frozen, including previously seized assets such as an office building worth £100 million, two luxury homes, and a helicopter. UK officials stated that this operation aims to cut off the financial infrastructure of the scam networks and will promote broader international cooperation at the illegal finance summit in June this year.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
