UK Sanctions Xinbi to Isolate It From the Legitimate Crypto Ecosystem

The UK government is cracking down on a $20 billion Chinese-language crypto guarantee marketplace, with sweeping sanctions aimed at cutting the platform off from crypto access. The UK’s Foreign, Commonwealth & Development Office said in a statement Thursday that Xinbi provides crypto-based services, scam-enabling tools and other illicit services to bad actors and plays a central role in scam centers operating across Southeast Asia. “The UK’s sanctions will isolate the platform from the legitimate crypto ecosystem, significantly disrupting its operations by affecting its ability to send and receive cryptocurrency transactions,” the agency said. While the sanctions mainly target the crypto…