"Chinese-language online black markets have become one of the biggest drivers of cybercrime in history, processing tens of billions of dollars of illicit finance every year."
"The UK's Foreign, Commonwealth and Development Office revealed financial sanctions against the Xinbi Guarantee online marketplace, which will likely limit its operations."
"Over the last decade, hundreds of thousands of victims of human-trafficking have been forced to work out of compounds across Cambodia and Southeast Asia, running online cryptocurrency investment and romance scams day and night."
"The action follows a sweeping wave of penalties from the US and UK against Cambodian-linked scamming operations in October."
Chinese-language online black markets are major contributors to cybercrime, processing tens of billions in illicit finance annually. These marketplaces facilitate the trade of stolen data, money-laundering services, and human trafficking. The UK has imposed financial sanctions on the Xinbi Guarantee marketplace, which has been linked to significant cryptocurrency transactions. The sanctions also target individuals connected to scam operations in Cambodia. The British government aims to deter scam operations and human trafficking, which have thrived in Southeast Asia, often linked to organized crime.
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