The UK Foreign Office has announced the expulsion of Xinbi, a China-based digital collateral platform, from the global cryptocurrency network starting March 26, 2026. This measure comes after authorities discovered that Xinbi facilitated nearly $19.9 billion in unauthorized crypto transactions between 2021 and 2025. As a result, all Xinbi-related assets connected to the UK have been frozen, and it is now illegal for financial institutions, crypto firms, and individuals in Britain to conduct any transactions with the platform.
Scope of sanctions targeting Xinbi
The UK’s sanctions campaign aims not only to halt Xinbi’s crypto operations but also to fully suspend its financial, commercial, and travel activities. Authorities have also blacklisted several individuals and entities linked to Xinbi. Among them are Thet Li; Hu Xiaowei, who has ties to the #8 Park scam hub in Cambodia; and both Legend Innovation and its executive Eang Soklim. These parties are reportedly part of the wider Prince Group network, which operates across Asia’s goods, finance, and services sectors and is known for its extensive influence in Cambodia.
Following the asset freeze, any crypto transfers involving Xinbi routed through UK-based exchanges, custodians, or payment networks are now strictly prohibited. Platforms and wallets that do not comply with the new rules will swiftly be added to blacklists.
The UK’s Office of Financial Sanctions Implementation, which oversees enforcement, specified that the sanctions are a targeted response to large-scale fraud and money laundering operations executed through Xinbi’s networks. According to blockchain analytics company Chainalysis, Xinbi supplied infrastructure to fraud rings—particularly via a unit dubbed “Black U”—by facilitating unlicensed transactions, over-the-counter trades, sales of stolen database information, and the procurement of satellite hardware. It’s believed that the #8 Park operation in Cambodia, using illegal labor, served as a primary funding source for Xinbi.
Ripple effects and additional enforcement steps
Before the UK officially revealed its sanctions, international law enforcement was already in action: a joint operation by the FBI and Thai police resulted in the freezing of $580 million in cryptocurrencies belonging to scam groups targeting the United States. This coordinated approach highlights growing international cooperation in combatting crypto-driven criminal activities.
Sanctions focusing on finance networks tied to Xinbi—including those managed by Thet Li and financed by Hu Xiaowei of #8 Park—have also enhanced the ability of law enforcement to track illicit assets. Properties affiliated with the Prince Group in London have been seized for a second time, following earlier action in 2025 when group leader Chen Zhi was first subjected to British sanctions. Previous seizures included more than £1 billion in assets, among them a London office building valued at £100 million.
Xinbi has historically demonstrated resilience during interruptions to its operations, having shifted to alternative applications like SafeW and XinbiPay in the past. However, the latest actions by the UK, combined with ongoing blockchain monitoring by Chainalysis, are designed to ensure that Xinbi’s activities remain traceable no matter which platform it attempts to use next.
To amplify the global effect of these measures, exchanges complying with so-called “travel rules” will now need to closely track new wallet clusters and application changes linked to Xinbi. Although Xinbi has proved adaptable in continuing its operations to date, its room for maneuver appears to be shrinking under these latest restrictions.
Altogether, these actions underline that regulators and law enforcement agencies around the world are intensifying their crackdown on crypto-enabled fraud through expanded international cooperation.
