Britain's Foreign, Commonwealth and Development Office has sanctioned Xinbi, a Chinese-language cryptocurrency marketplace that blockchain analytics firm Chainalysis says processed more than $19.9 billion in transactions between 2021 and 2025.
The UK is the first country to designate Xinbi, which operates as an escrow-style marketplace connecting vendors selling stolen personal data, scam infrastructure, and money-laundering services.
The designation was issued under the Global Human Rights sanctions regime, making it the first time that legal framework has been applied to a cryptocurrency marketplace.
The FCDO simultaneously sanctioned Legend Innovation Co., the operator of #8 Park, described by the UK government as Cambodia's largest scam compound, with capacity for an estimated 20,000 trafficked workers.
Two individuals linked to the Prince Group's financial network - Thet Li and Hu Xiaowei - were also designated. The sanctions will freeze several London properties tied to the network, including a £9 million penthouse near Westminster.
What Xinbi Actually Does
Xinbi operates as a peer-to-peer guarantee marketplace, primarily hosted on Telegram, where criminal operators can access illicit services with built-in escrow protections.
Vendors on the platform advertise money-laundering services - including "Black U" USDT-washing - unlicensed over-the-counter trades, stolen personal databases, and tools for running pig butchering and romance scams.
Chainalysis data show Xinbi's on-chain addresses transact directly with other guarantee platforms including Huione and Tudou, as well as Telegram-based money-movement services and social media targeting vendors.
Scam vendors commonly maintain a presence across multiple platforms simultaneously to preserve continuity if one service is disrupted.
A Platform That Adapted After Previous Takedowns
Earlier disruption efforts in 2025 tested Xinbi's resilience. When Telegram removed its original channels, Xinbi quickly established new ones and kept its website accessible; on-chain transaction volumes showed minimal disruption during that period.
The platform has since migrated escrow operations to SafeW, a messaging app that markets itself as more secure against platform-level enforcement actions. It also launched a proprietary payment application, XinbiPay, building financial infrastructure independent of third-party platforms.
All services remain connected on-chain, according to Chainalysis.
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Why the UK Targeted Infrastructure, Not Just Individuals
Minister of State Stephen Doughty said the sanctions were intended to isolate Xinbi from the legitimate cryptocurrency ecosystem, directly affecting its ability to send and receive transactions.
BYEX, a cryptocurrency platform sanctioned by the UK in 2025, shut down following that designation - a precedent the FCDO cited in announcing Thursday's action.
The designation of Xinbi alongside a physical scam compound and two individuals reflects an explicit strategy of targeting the full chain: from digital marketplaces and payment rails to the Cambodian compounds where trafficked workers are held.
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