U.S. Sanctions Xinbi Guarantee Over $24B Crypto Scam Network

The U.S. Department of the Treasury has imposed sanctions on Xinbi Guarantee, a Chinese-language online marketplace accused of supporting cryptocurrency scams, money laundering and other illicit financial activities linked to cybercriminal networks.

The Treasury’s Office of Foreign Assets Control (OFAC) said Xinbi helped Southeast Asian scam centers obtain supplies and access financial services needed to operate criminal schemes. Since launching in 2022, the platform allegedly facilitated transactions worth as much as $24 billion, with a significant portion involving cryptocurrency.

The United Kingdom’s Foreign, Commonwealth and Development Office had previously sanctioned Xinbi in March.

Treasury Secretary Scott Bessent said scam centers operating across Southeast Asia steal billions of dollars from American victims annually. He added that the Treasury will continue using its authorities to disrupt networks facilitating fraud and protect U.S. consumers.

U.S. authorities also linked Xinbi Guarantee to money laundering organizations, North Korean hackers and Prince Group, another organization previously targeted by Treasury enforcement measures.

According to authorities, increased pressure from law enforcement agencies and technology companies prompted Xinbi to begin shifting merchant and money-laundering operations last year to an encrypted messaging service developed by Singapore-based SafeW Technology.

Xinbi also established XinbiPay, a digital wallet application developed by Cambodia-based Anwen Technology. The latest U.S. sanctions therefore extend beyond Xinbi Guarantee to include SafeW and Anwen.

The Treasury said it coordinated its action with the Department of Justice’s recently created Scam Center Strike Force. U.S. authorities have previously targeted organizations including Prince Group and Cambodia-based Huione Group as part of broader efforts to disrupt overseas scam networks and crypto-related illicit finance.

The sanctions generally prohibit U.S. individuals and businesses from conducting financial transactions with the designated entities. Such restrictions can also significantly limit sanctioned organizations’ access to the wider global financial system, increasing pressure on networks accused of facilitating cryptocurrency fraud and money laundering.