UK targets massive cryptocurrency platform accused of enabling global scams and human trafficking operations.
London: The United Kingdom has imposed financial sanctions on Xinbi Guarantee, a cryptocurrency marketplace worth $20 billion that officials say helps run online scams and human trafficking. The Foreign Office says this action will make it harder for the marketplace to operate.
The sanctions also target people linked to big scam operations in Cambodia, including a compound that held 20,000 people. UK officials have seized expensive buildings in London that belonged to these people. Officials say this sends a clear message that scam operators will be punished.
Xinbi sells tools and services that scammers need to run their operations. Experts say the marketplace has processed $19.7 billion in cryptocurrency transactions. Most of this money likely came from people who were tricked in online investment and romance scams.
Last year, Telegram removed Xinbi’s online channels, but the marketplace quickly came back with new accounts. Since then, Xinbi has grown even bigger after other similar marketplaces were shut down. The UK says Xinbi has helped make money from human rights abuses in Southeast Asian scam centers.