UK sanctions $20B scam market by cutting ‘legitimate’ crypto ties

What: The UK has imposed sanctions on Xinbi, a cryptocurrency platform, for its involvement in a $20B scam market.
Why: Xinbi processed over $19.9 billion in illicit flows between 2021 and 2025, making it a significant player in the illicit crypto market.
Signal: The platform's deep interconnectivity with other illicit services suggests a larger, more complex network of scams.
Target: The sanctions aim to sever Xinbi's ties with legitimate cryptocurrency services, effectively cutting off its access to the mainstream market.
Risk: The move may pose a risk to users who have invested in Xinbi, as the platform's legitimacy and stability are now in question.