The British Ministry of Foreign Affairs removed the China-based digital guarantee platform called Xinbi, which was recently found to have processed $19.9 billion in unauthorized cryptocurrency transfers between 2021 and 2025, from the global cryptocurrency ecosystem as of March 26, 2026. With this step, all of Xinbi’s UK-related assets were frozen and financial institutions, crypto companies and individuals in the country were banned from transacting with the platform.
Scope of sanctions against Xinbi
The sanction imposed by the UK includes completely stopping not only crypto transfers but also financial and commercial transactions and travel access of the Xinbi platform. In this context, it was announced that some individuals and companies determined to be affiliated with Xinbi were included in the sanctions list. The decision included the names of Thet Li, who was found to be involved in international financial networks, Hu Xiaowei, who is associated with the large-scale fraud center in Cambodia named #8 Park, as well as the Legend Innovation company and its manager Eang Soklim. It is stated that the individuals and organizations mentioned are connected to a large network known as the Prince Group and operating in Cambodia. Prince Group is known for its effectiveness in the goods, finance and services sectors in Asia.
With the freezing of Xinbi’s assets, cryptocurrency transfers via any UK-linked exchange, custodian or payment network are immediately banned. Platforms or wallets that do not comply with the regulation will be quickly blacklisted.
The UK Financial Sanctions Enforcement Office, which imposed the sanctions, announced that they targeted large-scale fraud and money laundering attempts carried out through Xinbi’s network. According to Chainalysis, known for its blockchain analyses, it was emphasized that Xinbi provided infrastructure to fraud centers through unauthorized transactions, OTC purchases and sales, sales of leaked databases and satellite hardware supply, especially through a structure called “Black U”. It is stated that the #8 Park center in Cambodia provides the main source of financing to Xinbi with its illegal worker capacity.
Chain effect of sanctions and additional measures
Before the sanctions were announced, $580 million worth of cryptocurrencies belonging to different fraud rings targeting the United States were also frozen by the FBI and Thai police. This operation indicates that coordinated action is being taken in the fight against crypto-supported illegal activities internationally.
Sanctions focused on Thet Li, who worked on financial networks linked to Xinbi, and Hu Xiaowei, who was instrumental in the financing of #8 Park, offered new opportunities to law enforcement in tracking assets. Properties linked to the Prince Group network in London were also seized. This development stands out as the second wave after Prince Group leader Chen Zhi was sanctioned in 2025. In the past, assets worth more than £1 billion were seized, including a £100 million office building in London.
After the outages it experienced in the past, Xinbi showed resilience by switching to alternative applications such as SafeW and XinbiPay. Now, the latest step taken by the UK and Chainalysis’ monitoring activities on the blockchain are designed to trace Xinbi, no matter which platform it is moved to.
In order to increase the global impact of the sanction, exchanges that comply with the travel rule will need to meticulously monitor new wallet clusters and application changes linked to Xinbi. Despite the flexibility Xinbi has shown to continue its activities, its room for action is gradually narrowing with new measures.
All these steps reveal that regulatory and law enforcement authorities, within the scope of international cooperation, are increasing the pressure to combat crypto-based fraud.
