The UK government has imposed new sanctions on a cryptocurrency-linked network tied to large-scale scam operations in Southeast Asia. It marks one of the first instances of direct action against a crypto-based marketplace enabling fraud.

In a statement released on 26 March, authorities confirmed sanctions against Xinbi. This platform provides cryptocurrency-based services to scam centres. The services include the sale of stolen personal data and tools used to target victims. 

The move forms part of a broader crackdown on transnational fraud networks operating across the region.

Officials said the sanctions are designed to isolate the platform from the legitimate crypto ecosystem, limiting its ability to send and receive funds and…