THE US Treasury’s OFAC has joined the UK in sanctioning Xinbi Guarantee, a Chinese-language marketplace linked to scam operations, money laundering and other criminal activity. Xinbi connects scam-centre operators in Southeast Asia and elsewhere with merchants offering financial services, technology and related offerings.
The Treasury estimated the platform processed more than $24 billion in digital and fiat currencies since 2022, with TRM Labs indicating listings include stolen data, fake identity documents, AI deepfakes, satellite internet gear and over-the-counter crypto exchanges.
The firm noted such services enable large-scale online fraud aided by trafficked foreign nationals lured with promises of legitimate work, and suggested the platform may handle even more than government figures imply, with transaction inflows rising sharply from May to December 2025.
Alongside Xinbi’s designation, OFAC sanctioned two entities it says support its core operations: SafeW Technology, a Singapore-based encrypted messaging app provider, and Anwen Technology, Cambodia-headquartered and responsible for the XinbiPay digital wallet app (aka NewPay).
In parallel, the US Secret Service and Elliptic reported they had frozen about $52.8 million in cryptoassets linked to Xinbi Guarantee, warning that wallet holds may be identified and frozen at any time and that this undermines the marketplace’s operational model. Elliptic also said Xinbi Guarantee now appears offline, with Telegram removing the main channels and banning related usernames.
The UK had already sanctioned Xinbi Guarantee in March, indicating a coordinated regulatory effort across jurisdictions to disrupt the platform’s ecosystem.