Blockchain analytics firm Chainalysis puts the number at close to $20 billion 
— the estimated volume of dirty money that flowed through Xinbi, a Chinese- 
language crypto marketplace, between 2021 and 2025. Now the UK government 
wants to shut it down. Related Reading: Ethereum Supply Tightens As Staking 
And Outflows Hit Record Highs Scam Hubs At The Center Of It All Britain&#8217;s 
Foreign, Commonwealth &amp; Development Office announced Thursday that it has 
imposed sweeping sanctions on Xinbi, a platform accused of providing crypto- 
based services, scam tools, and other criminal resources to bad actors across 
Southeast Asia. The move freezes any UK-linked assets tied to the platform and 
bans British banks, crypto firms, and citizens from doing any business with it 
— financial or otherwise. Xinbi is not just a payment processor for criminals. 
Reports indicate the platform sits at the center of a web of interconnected 
illicit operations, many of them tied to scam compounds scattered across 
Southeast Asia — operations that have drawn global attention for their use of 
trafficked workers to run large-scale fraud schemes targeting victims 
worldwide. Those who exploit vulnerable people, abuse human rights and defraud 
innocent victims will face serious consequences. Today we have: ❌ Targeted 
largest known scam compound in Cambodia. ❌ Sanctioned an illicit crypto 
marketplace. ❌ Frozen more London properties. pic.twitter.com/0PFp0h8Uyt — 
Foreign, Commonwealth &amp; Development Office (@FCDOGovUK) March 26, 2026 Two 
individuals were also sanctioned in the action. Thet Li is accused of running 
the international financial network of the Prince Group, a Cambodia-based 
company tied to large-scale crypto fraud. Hu Xiaowei is alleged to have worked 
within that same financial network and to have links to #8 Park, a scam 
compound connected to the Prince Group. Cutting Off The Money Pipeline 
Chainalysis, which provided blockchain data supporting the sanctions, 
described the move as targeting the scam ecosystem&#8217;s on- and off-ramps — the 
critical pathways that allow criminal operators to move money in and out of 
the legitimate financial system. According to the firm, Xinbi acted as a 
commercial hub, offering payment processing and marketing services to fraud 
operators who needed reliable infrastructure to run their schemes. The FCDO 
said the sanctions are designed to isolate Xinbi from the broader crypto 
system, disrupting its ability to send and receive transactions. In practice, 
that means cutting the platform off from the exchanges, wallets, and financial 
services it depends on to function. Related Reading: Bitrue Says XRP Should 
Already Be At $10, Traders Are Betting It Gets There A Line Between Legal And 
Illegal Crypto What stood out in the UK government&#8217;s statement was its 
language. Officials drew a clear line between legitimate crypto activity and 
criminal misuse of the technology — a distinction regulators have not always 
been quick to make publicly. That framing matters to the industry. For years, 
critics have pointed to crypto&#8217;s role in fraud and money laundering as 
evidence the entire sector needs to be reined in. The Financial Action Task 
Force estimates that between two and 5% of global GDP passes through 
traditional financial networks as laundered funds each year. Data from 
Chainalysis puts illicit crypto transactions at below 1% of total activity on- 
chain — a figure the industry frequently cites in its defense. Featured image 
from Pixabay, chart from TradingView

UK Slaps Sanctions On $20B Crypto Black Market Tied To Southeast Asia Scam Rings

If betting markets are to be believed, the chances of former FTX CEO Sam 
Bankman-Fried getting a presidential pardon this year aren’t looking good.

Interview with SBF’s parents drops chance of pardon on betting markets

Bitcoin grabbed downside liquidity as oil-supply pressure sent BTC price 
action below $66,500 to its lowest levels since March 9.

Bitcoin nears lowest in three weeks as BTC price targets drop to $41K

Bitcoin long-term holders continued to expand their holdings, while increased 
withdrawal from exchanges flashed a classic supply shock warning.

Bitcoin holders show ‘stronger’ conviction despite BTC price losing $68K level

BlackRock&#8217;s crypto move amid market volatility highlights institutional 
interest and potential stabilization effects on digital asset markets.
The post BlackRock sends $181 million in Bitcoin, Ether to Coinbase amid 
crypto sell-off appeared first on Crypto Briefing.

Cryptocurrency price in USD