THE UK government has sanctioned a network of individuals and organisations allegedly linked to scam compounds in Southeast Asia, outlining actions against Xinbi, one of the region’s largest illicit online cryptocurrency marketplaces with inflows of over $19.7 billion. Based in China, Xinbi’s operators have been accused of selling scam victims’ data and trading satellite internet equipment used to contact victims, and it is the first country to sanction the Xinbi platform.
Xinbi notably provides services to #8 Park, a recently identified scam compound linked to the Prince Group and believed to be Cambodia’s largest scam centre, with the capacity to accommodate 20,000 trafficked workers to operate online scam schemes at scale.
The UK government also accused Xinbi of facilitating the laundering of stolen crypto assets by North Korea, alongside newly sanctioned entities such as Legend Innovation Co., BSquare Technology, Tian Xu International Technology, and individuals including Eang Soklim and Wan Kuok Koi. The sanctions are expected to lead to freezes on a number of London properties and broader cross-border anti-fraud initiatives.