The U.S. Treasury Department has officially sanctioned Xinbi Guarantee, a Chinese-language online marketplace that has been implicated in facilitating large-scale crypto-related criminal operations. This action, announced on September 9, 2026, is part of a broader initiative involving multiple federal agencies aimed at dismantling networks of cybercriminals.
Launched in 2022, Xinbi Guarantee has processed more than $24 billion in transactions, predominantly in cryptocurrency. According to the Treasury’s Office of Foreign Assets Control (OFAC), the platform has served as a critical support system for scam centers throughout Southeast Asia, enabling them to procure supplies and launder illicit funds. Additionally, Xinbi has been linked to North Korean hacking groups and the notorious Prince Group, both of which have faced prior sanctions.
DOJ’s Seizure Operations
The Department of Justice (DOJ) has taken significant steps to disrupt Xinbi’s operations by seizing two wallets associated with the platform that contained approximately $12 million in cryptocurrency. Furthermore, court orders have been sought to restrain an additional 47 wallets tied to Xinbi’s extensive money laundering network, which cumulatively holds over $52 million in crypto assets.
On September 7, a U.S. District Court authorized the seizure of Xinbi’s Telegram channels, which were reportedly utilized by vendors to advertise money laundering services, fraudulent investment opportunities, and recruitment for scam operations. In a show of collaboration, stablecoin issuer Tether has offered assistance during the investigation, while blockchain intelligence firm Elliptic has supported the U.S. Secret Service in tracking Xinbi’s extensive operations.
Shifting Operations Amidst Crackdown
As scrutiny from law enforcement intensified, Xinbi began to shift its operations. By June 2025, the platform was reportedly migrating its merchant and money laundering activities to a secure encrypted messaging application developed by Singapore-based SafeW Technology. Additionally, it introduced a crypto wallet named XinbiPay, created in partnership with Cambodia-based Anwen Technology, both of which faced sanctions alongside Xinbi.
Ari Redbord, Global Head of Policy at TRM Labs, noted that following the shutdown of the earlier Huione platform, Xinbi became the primary escrow and cash-out service for scam operations in Southeast Asia, handling over $36 billion in total transactions.
Treasury Secretary Scott Bessent emphasized that scam centers in Southeast Asia are responsible for bilking billions from American citizens annually, pledging to continue utilizing available tools to disrupt these illicit networks. Earlier in March, the UK had also sanctioned Xinbi, freezing its assets and cutting it off from British financial and trade systems.
U.S. Attorney Jeanine Pirro revealed that a task force had dispatched a team to Madagascar to address similar operations, underscoring the global effort against these cybercrime networks. The sanctions imposed by the U.S. block all property and interests related to Xinbi within the United States and prohibit U.S. persons from engaging in business with the designated entities.
