UK Sanctions $20 Billion Xinbi Guarantee Crypto Scam Marketplace Targeting Southeast Asian Fraud Operations

The UK has imposed sweeping sanctions on the Xinbi Guarantee online marketplace, a Telegram-based cryptocurrency platform that has processed an estimated $20 billion in transactions, primarily funding scam operations and human trafficking across Southeast Asia.

The Foreign Office also sanctioned multiple individuals linked to Cambodia's massive #8 Park scam compound, which houses approximately 20,000 workers forced to run online cryptocurrency investment and romance scams. Properties in London, including a £9 million penthouse, were seized as part of the operation.

Xinbi emerged as the successor to the Huione Group marketplace, which was sanctioned by the US last year. According to blockchain analysis firms Elliptic and Chainalysis, Xinbi has processed $19.7-19.9 billion since 2021, with the vast majority attributed to stolen funds from scam victims. The platform sells stolen data, money-laundering services, and the technical infrastructure needed to operate online scams.

Despite Telegram removing Xinbi-linked channels following WIRED reporting last May, the marketplace rebuilt its presence and actually grew its market share. One Telegram channel associated with the platform has approximately 175,000 subscribers.

The sanctions represent one of the most aggressive actions yet against the Chinese-language online black market ecosystem that has become one of the largest drivers of cybercrime globally.