The UK government has taken decisive action by imposing sanctions on a network of individuals and organizations allegedly connected to scam operations across Southeast Asia. This development comes as authorities strive to combat sophisticated fraudulent schemes, particularly those involving romance scams that have proliferated in the region. These scams have reached an industrial scale, defrauding countless victims and accumulating substantial financial losses.
On March 26, the UK government officially announced its intentions, specifically targeting Xinbi, identified as one of the largest illicit online cryptocurrency marketplaces in Southeast Asia, with over $19.7 billion in inflows. Based in China, Xinbi’s operators face serious allegations, including the sale of scam victims’ data and trading satellite internet equipment utilized to reach potential victims. This move makes the UK the first country to sanction Xinbi, underscoring its commitment to addressing the issue head-on.
Notably, Xinbi is linked to #8 Park, a prominent scam compound associated with the Prince Group. This compound is suspected of being Cambodia’s largest scam operation, capable of housing up to 20,000 trafficked workers engaged in online scams. Furthermore, the UK government has accused Xinbi of facilitating the laundering of stolen cryptocurrency assets allegedly involving North Korean operatives.
### New Targets in the Sanctions List
In addition to Xinbi, the UK sanctions encompass a range of newly identified entities, including Legend Innovation Co., the operator of #8 Park; BSquare Technology, closely linked to the Prince Group’s crypto platform Byex; and Tian Xu International Technology, a Cambodian firm associated with both BSquare and Byex. The sanctions also extend to several individuals, including Eang Soklim, director of Legend Innovation Co., connections to Prince Group chairman Chen Zhi, and Wan Kuok Koi, a former triad leader participating in scam centers located in Myanmar.
The UK plans to enforce these sanctions by freezing properties in London believed to be connected to these entities, reinforcing their commitment to curbing such criminal networks.
UK Minister of State for Europe, North America, and Overseas Territories, Stephen Doughty, emphasized the purpose of the sanctions, stating, “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.” His comments highlight a broader commitment to protect citizens and uphold human rights standards.
### Investigative Support from Elliptic
UK-based crypto-analysis firm Elliptic played a pivotal role in uncovering the details of the Xinbi network and its connections to #8 Park. Their investigations revealed Xinbi as “the second-largest illicit online marketplace ever.” In February 2026, Elliptic published extensive research detailing the operations at #8 Park, drawing connections to the already-sanctioned Prince Group.
Elliptic’s research has shown that merchants within the compound engaged in various businesses, including a supermarket, bakery, and food stalls, all of which accepted USDT payments from the compound’s workers. Just five days after publication of this detailed investigation, intelligence sources indicated that the Xinbi-linked site was ordered to evacuate by February 13. Videos circulating on social media confirmed large-scale departures, and on-chain data revealed a marked decrease in merchant payments, with transactions nearly ceasing entirely by the evacuation date.
### Ongoing Efforts in Combatting Crypto Fraud
The latest sanctions reflect a significant escalation in the UK’s efforts to combat crypto-enabled fraud. These measures follow a coordinated action in October 2025, when the US and UK designated 146 entities and individuals linked to the Prince Group. This crackdown resulted in the arrest and extradition of Chen Zhi to China in early 2026.
Cambodia has also ramped up its efforts, launching its largest raid on the scam economy in response to previous UK sanctions. Authorities estimate that around 2,500 sites have been targeted, with hundreds of scam centers shut down and tens of thousands of foreign nationals released.
In alignment with these efforts, Lord Hanson, the British Fraud Minister, noted the establishment of initiatives such as the UK-backed Interpol Global Fraud Taskforce and the launch of the UK’s new Online Crime Centre, designed to enhance the country’s capabilities in tracking and dismantling cross-border crypto-enabled fraud networks.
Looking ahead, British Foreign Secretary Yvette Cooper is set to spearhead international efforts to tackle the misuse of property and cryptocurrency in laundering activities at the UK’s forthcoming Illicit Finance Summit in June. This ongoing commitment to addressing the complexities of crypto fraud not only seeks to protect UK citizens but also aims to establish a strong global stance against such multifaceted criminal operations.