TechFlow News, March 26: According to The Block, the UK’s Foreign, Commonwealth & Development Office and Home Office jointly announced sanctions against Xinbi, an illicit cryptocurrency marketplace, and individuals linked to a Southeast Asian fraud network. Per blockchain analytics firm Chainalysis, Xinbi processed over $19.9 billion in transactions between 2021 and 2025, engaging in money laundering, unlicensed over-the-counter trading, and the sale of stolen personal data. The UK is the first country globally to impose sanctions on Xinbi.
The sanctions also target Legend Innovation Co., the operator of the “#8 Park” fraud compound in Cambodia, and its director Eang Soklim. This compound is believed to hold up to 20,000 trafficked workers. Meanwhile, several properties in London have been frozen; previously seized assets include an office building valued at £100 million, two luxury residences, and a helicopter. UK officials stated that this operation aims to dismantle the financial infrastructure underpinning the fraud network and will advance broader international coordination at the Illicit Finance Summit scheduled for June this year.
