UK Sanctions Chinese Crypto Marketplace Xinbi over Scam Hubs
🚨 The UK has imposed sanctions on the China-based cryptocurrency marketplace Xinbi, accusing it of enabling large-scale scam operations across Southeast Asia and facilitating crypto laundering. Authorities say Xinbi, which reportedly handled over $19.7 billion of inflows, sold victim data and traded satellite internet equipment used to contact targets. The action targets Xinbi and related firms and individuals linked to the Prince Group and #8 Park, and includes plans to freeze London properties.
