The UK Foreign Office has announced a significant decision to expel Xinbi, a digital collateral platform based in China, from the global cryptocurrency network effective March 26, 2026. This bold move follows revelations that Xinbi facilitated unauthorized cryptocurrency transactions worth approximately $19.9 billion between 2021 and 2025. Consequently, all Xinbi-related assets in the UK are now frozen, and any financial dealings with the platform by UK financial institutions and individuals are banned.
Who Are the Targets of the Sanctions?
The scope of the UK’s sanctions is extensive, targeting not just Xinbi’s crypto operations but also suspending its broader financial, commercial, and travel activities. Among the blacklisted are Thet Li and Hu Xiaowei, known for ties to the #8 Park scam hub in Cambodia, along with companies like Legend Innovation and key executive Eang Soklim. These entities are linked to the Prince Group network that wields significant influence across Asia, notably in Cambodia.
As part of these actions, any crypto transactions involving Xinbi through UK entities are banned. Exchanges and wallets that fail to comply will face blacklisting, underscoring the strict enforcement of these new rules.
How Is the Global Community Responding?
The UK’s measures come amidst broader international law enforcement efforts. A notable joint operation between the FBI and Thai police had earlier resulted in freezing $580 million in cryptocurrencies used by scam groups, indicating an increasingly coordinated global effort to tackle crypto-based fraud.
The sanctions against Xinbi’s affiliated financial networks, including those managed by Thet Li and financed by Hu Xiaowei, have strengthened the ability of law enforcement to trace illicit funds. The Prince Group’s assets in London were seized again, coinciding with measures first taken in 2025 against Chen Zhi, their leader.
Xinbi has adapted in the past, shifting operations to alternative platforms like SafeW and XinbiPay. However, ongoing blockchain surveillance by companies such as Chainalysis, coupled with UK sanctions, aims to keep Xinbi’s activities visible and regulated, despite their adaptability.
“Our actions send a clear signal that the UK will not be a haven for those who exploit the cryptocurrency market for illicit activities,” stated a spokesperson from the UK Office of Financial Sanctions Implementation.
The international focus on such networks, supported by evolving compliance measures and sanctions, advances the transparency and traceability of crypto transactions, narrowing the operating space for bad actors.
- Fines and penalties await any UK-based platforms that breach new rules regarding Xinbi.
- Over £1 billion in assets have already been confiscated from Xinbi’s associated entities in prior operations.
- Chainalysis is actively tracking Xinbi’s evolving tactics, ensuring ongoing compliance with the sanctions.
Overall, this series of actions reflects a concerted international effort to eradicate cryptocurrency-facilitated fraud and tighten the noose on networks engaging in unauthorized and illegal financial operations.
