Fast Facts
- The UK’s FCDO sanctioned Xinbi, a Chinese crypto marketplace processing nearly $20 billion (2021-2025), targeting the infrastructure behind Southeast Asia’s large-scale scam operations.
- Xinbi operates as a peer-to-peer Telegram marketplace, selling stolen data, money laundering tools, scam software, and satellite equipment to contact victims.
- Despite previous attempts to shut it down, Xinbi quickly adapted, maintaining high transaction volumes and facilitating scams with tutorials and chatbots for criminals.
- The UK is intensifying efforts against crypto-enabled fraud by targeting illicit platforms like Xinbi and Huione, collaborating internationally to seize assets and dismantle criminal networks.
The United Kingdom has taken a big step to fight crypto-related scams by sanctioning a marketplace called Xinbi. This marketplace, worth nearly $20 billion, was linked to illegal activities. The UK government’s action targets not just individual scammers but the entire system that supports these crimes.
Xinbi mostly operates on Telegram, a messaging app, where criminals buy and sell stolen data, money laundering tools, and scam software. It also provides satellite equipment for contacting victims. This platform plays a key role in Southeast Asia’s large-scale scams, making it a serious concern.
Along with Xinbi, the UK sanctioned Legend Innovation and some individuals tied to Cambodia’s biggest scam hub, known as #8 Park. They accused these parties of enabling human trafficking and illegal activities.
Chainalysis, a blockchain research firm, tracked nearly $20 billion in transactions on Xinbi from 2021 to 2025. Despite efforts to shut it down, Xinbi adapted quickly by creating new channels and maintaining its website. Transactions kept flowing, showing how persistent these illegal networks can be.
Authorities have been focusing on disrupting the financial infrastructure behind scams. For example, the UK has collaborated with U.S. agencies to close down major platforms like Huione that processed over $24 billion before shutting down last year. These efforts aim to cut off the flow of stolen money and prevent crimes before they happen.
This crackdown highlights the importance of strengthening technology to fight crypto-enabled fraud. By targeting platforms and their supporting systems, countries hope to make digital currencies safer and more reliable for legitimate users.
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