The UK government has imposed sweeping sanctions on Xinbi, a Chinese-language crypto marketplace allegedly tied to large-scale fraud operations. Authorities say the platform enabled scam networks across Southeast Asia by providing crypto-based tools and services to bad actors.

The crackdown aims to cut Xinbi off from the legitimate crypto ecosystem by freezing assets and banning UK individuals and businesses from interacting with it. This move highlights a growing effort to target the infrastructure behind crypto crime — not just the transactions themselves.