This time, the UK sanctioned Xinbi, which operates crypto channels, and also took down the scam operations in Cambodia along with the entire underlying financial network behind them.

According to Chainalysis data, between 2021 and 2025, Xinbi processed over $19.9 billion in funds. Such a scale is no small operation; it’s already a mature underground financial system.
It’s not just a single service; it combines scams, money transfers, information trading, and more, forming a complete industry chain.
Many used to think that crypto was mainly a tool, and problems arose from bad actors misusing it. But the existence of these platforms shows it’s no longer just a tool issue; they are actively building infrastructure specifically serving gray-area industries.
In my view, this crackdown marks a clear shift: it’s no longer just targeting individual users or addresses but attacking the network itself.
Previously, authorities would seize a few accounts or freeze some transactions. Now, they’re directly targeting nodes—who provides payment channels, who handles OTC trades, who helps clean the money. Anyone on this chain could be taken out together.
And this time, the UK isn’t acting alone; they’re coordinating with the US. They’ve already frozen over £1 billion in assets. This level of cooperation indicates that the core financial channels of crypto gray markets are beginning to face systematic suppression.
#加密监管 # Anti-Money Laundering #FundFlow