Table of Contents
ToggleThe British government is ramping up its enforcement efforts to combat Southeast Asian online scams and human trafficking. The Foreign Office and Home Office jointly announced a new round of sanctions on Thursday, targeting a Chinese cryptocurrency exchange called Xinbi, as well as several individuals and companies linked to large-scale scam networks.
Xinbi handled nearly $20 billion in illicit transactions.
Xinbi has been accused by authorities of providing key cryptocurrency services to fraud networks, including selling stolen personal data and providing communication tools such as satellite network equipment to help locate victims.
According to data from blockchain analytics firm Chainalysis, Xinbi processed over $19.9 billion in transactions between 2021 and 2025. This staggering figure underscores the platform's central role in facilitating money laundering, unlicensed over-the-counter (OTC) trading, and other illicit financial activities.
Targeting Cambodian fraud industrial park, London property frozen
To sever the financial lifeline of these illicit organizations, the UK became the first country in the world to impose sanctions on Xinbi, aiming to completely isolate it from the legitimate cryptocurrency ecosystem. In addition to the trading platform, the sanctions list also includes Legend Innovation Co., the operator of Cambodia's massive scam park "#8 Park," and its head, Eang Soklim, who is believed to have held up to 20,000 trafficked laborers.
Officials indicated that the latest sanctions will take effect immediately. Authorities will also freeze several properties in London, adding to previously seized British assets, including an office building worth £100 million (approximately $133 million), two mansions, and a helicopter. It is worth noting that enforcement actions targeting transnational financial networks last year resulted in the freezing or confiscation of over $1.3 billion in assets.
Cut off the financial lifeline of global fraud networks
It is understood that many of the suspects carrying out scams such as fake dating within the parks are themselves victims of human trafficking. They were lured in with false job offers and forced into fraud under brutal threats; their victims are located all over the world. In response, British Minister of State for Europe and North America, Stephen Doughty, emphasized that the UK will not tolerate the "horrific human rights abuses" perpetrated in these scam parks.
The British government stated that this operation reflects a broader strategic plan that targets not only individual criminals but also aims to dismantle the infrastructure that underpins global fraud operations. The UK also plans to promote greater international cooperation at the upcoming Licence Finance Summit in June to address the issue of money laundering and the flow of transnational illicit funds.
Related reports
The UN Southeast Asia Crime Report: Cryptocurrency Used in Extortion, Money Laundering, and Fraud
A snapshot of the global development of Web3 games: Southeast Asia dominates the top charts!
