Cryptocurrency

UK Sanctions $20B Crypto Marketplace Linked to Scam Hubs

By Bullbit Editorial · March 28, 2026

WhatThe UK has imposed sanctions on a $20B crypto marketplace called Xinbi, linked to scam hubs.
WhyXinbi facilitated the sale of stolen personal data, money laundering tools, and satellite equipment to aid fraudsters.
SignalThis move marks a significant crackdown on cryptocurrency-based illicit activities.
TargetThe sanctions aim to disrupt Xinbi's operations and freeze its assets, estimated to be worth over $20B.
RiskThe UK's action may set a precedent for other countries to follow, potentially increasing the risk for similar crypto marketplaces.