Key Highlights
- The UK sanctioned Xinbi Guarantee for helping scammers move and hide stolen cryptocurrency.
- The platform is linked to scam centers in Southeast Asia, where many workers are forced into fraudulent activities under harsh conditions.
- The platform reportedly processed over $19.9 billion in transactions.
The UK government, through the Foreign, Commonwealth and Development Office, has placed sanctions on Xinbi Guarantee, a Chinese-language cryptocurrency platform, for its part in large-scale online scams and human exploitation.
According to an official report, Xinbi Guarantee profited from scam centers, particularly in Southeast Asia. These centers run various types of fraud, including romance scams and “pig butchering,” a scheme where victims are gradually convinced to invest increasing amounts of money.
Authorities also stated that people working in these centers are often forced to work under harsh conditions, with some believed to be victims of human trafficking. The sanctions were issued under the UK’s global human rights regime.
Scam center disguised as a legitimate marketplace
Xinbi reportedly operates as an escrow-style marketplace, meaning it acts like a middleman that holds funds during transactions to build trust between parties. In simple terms, it connects people offering illegal services with those who need them. These services include money laundering, stolen personal data, and tools used to carry out scams.
According to blockchain analytics firm Chainalysis, the platform processed more than $19.9 billion in transactions between 2021 and 2025. It is also linked to #8 Park in Cambodia, which has been described as a large scam compound. The site can hold up to 20,000 workers, many of whom are believed to have been forced into scam activities.
“Our sanctions today send a clear message: We will not allow British people to become victims of these dreadful scams or tolerate the awful human rights abuses perpetrated in these scam centers,” said Stephen Doughty, the UK minister for Europe, North America and Overseas Territories.
Reason for the sanctions
The UK government said the sanctions are intended to isolate Xinbi from the legitimate cryptocurrency system. This includes restricting its ability to send and receive digital funds through recognized channels, making it more difficult for the platform to operate.
According to authorities, Xinbi became more active after similar platforms like Huione Guarantee and Tudou Guarantee shut down. It offers services like peer-to-peer trading, escrow services, and messaging apps that help users carry out fast transactions.
Even after being removed from Telegram, Xinbi continued operating by moving to other platforms like SafeW and creating its own payment tool, XinbiPay. Authorities say platforms like Xinbi are part of a broader network that helps criminals move billions of dollars in illegal crypto every year, and they plan to crack down on them by targeting more of their systems.
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