UK sanctions cryptocurrency trading platform Xinbi

The Foreign, Commonwealth and Development Office and the Home Office have jointly announced sanctions against those involved in the illegal cryptocurrency market Xinbi and the Southeast Asian fraud network. According to blockchain analytics firm Chainalysis, Xinbi processed more than $19.9 billion in transactions between 2021 and 2025 involving illegal activities such as money laundering, unlicensed over-the-counter transactions and the sale of stolen personal data. Britain was the first country in the world to impose sanctions on Xinbi. The sanctions also involve Legend Innovation Co., the operator of the "#8Park" fraud base in Cambodia, and its head, Eang Soklim, which is believed to hold up to 20,000 trafficked workers. At the same time, a number of London properties have been frozen, including an office building worth £ 100 million, two luxury homes and a helicopter that had previously been seized.