The United Kingdom has designated a cryptocurrency network that enabled scammers to sell stolen personal data, part of a broader effort to dismantle scam centres and protect the public from online fraud and the exploitation of trafficked victims. Xinbi, a Chinese-language online marketplace, provides cryptocurrency-based services to scam centres across Southeast Asia, making it one of the region’s largest illicit crypto marketplaces. The sanctions will isolate Xinbi from the legitimate crypto ecosystem, significantly disrupting its ability to send and receive cryptocurrency transactions.
BYEX, another crypto platform previously used to launder scam proceeds, was shut down following last year’s actions. Legend Innovation Co., the operator of the #8 Park scam compound in Cambodia, and its director Eang Soklim were designated. These measures reflect a coordinated effort to curb crypto-enabled fraud and money laundering, underscoring the UK’s commitment ahead of its Illicit Finance Summit in June.
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