Key Takeaways
- Federal authorities imposed sanctions on Xinbi Guarantee, a Chinese-language digital platform facilitating cryptocurrency-based criminal activities
- Since its 2022 launch, the platform facilitated more than $24 billion in cryptocurrency and traditional currency transactions, with operations concentrated in Southeast Asian regions
- Federal prosecutors confiscated two digital wallets holding $12 million and initiated legal proceedings to freeze 47 additional wallets, bringing total seized assets beyond $52 million in cryptocurrency
- The platform maintained connections with North Korean cyber operatives, the Prince Group criminal organization, and Telegram-based money laundering operations
- Sanctions also targeted SafeW Technology from Singapore and Cambodia’s Anwen Technology for providing technological infrastructure supporting Xinbi’s operations
On Wednesday, the United States Department of the Treasury announced punitive measures against Xinbi Guarantee, a digital marketplace implicated in facilitating extensive cryptocurrency-related criminal enterprises. This enforcement action represents a multi-agency collaborative initiative targeting international financial crime.
Operating as a Chinese-language service platform since approximately 2022, Xinbi has facilitated transaction volumes exceeding $24 billion, with substantial portions conducted through digital currencies. These figures come from official records maintained by the Treasury’s Office of Foreign Assets Control.
Federal investigators allege the marketplace enabled fraudulent operations throughout Southeast Asia by providing procurement channels and financial laundering capabilities. Additional allegations include facilitating activities for North Korean state-sponsored hackers and organizations connected to the sanctioned Prince Group network.
Federal Authorities Confiscate Digital Assets and Communication Platforms
The Justice Department’s specialized Scam Center Strike Force executed the confiscation of two cryptocurrency wallets that Xinbi operators used for collecting vendor fees. These digital accounts contained approximately $12 million in various cryptocurrencies.
Federal prosecutors simultaneously petitioned judicial authorities for restraining orders covering an additional 47 wallets identified within Xinbi’s extended money laundering infrastructure. Combined enforcement actions resulted in more than $52 million in cryptocurrency being either seized or frozen.
On September 7, a United States District Court granted authorization for seizing Xinbi’s communication channels on Telegram. Criminal vendors had exploited these channels for promoting financial laundering services, fraudulent investment platforms, and recruiting victims for scam operation facilities.
According to Justice Department statements, Tether, the stablecoin provider, contributed investigative support. Blockchain analysis company Elliptic confirmed its collaboration with the U.S. Secret Service in tracking the platform’s activities.
Platform Attempted Operational Migration Ahead of Enforcement
Recognizing increasing law enforcement scrutiny, Xinbi administrators initiated operational changes. Beginning around June 2025, the platform migrated its merchant networks and laundering operations to an encrypted communication application developed by Singapore-based SafeW Technology.
Simultaneously, Xinbi introduced XinbiPay, a cryptocurrency wallet solution created by Anwen Technology operating from Cambodia. Both technology companies received sanctions designations alongside Xinbi during Wednesday’s announcement.
According to Ari Redbord, Global Head of Policy at TRM Labs, following enforcement actions against the Huione platform, Xinbi emerged as the dominant escrow and liquidation service for Southeast Asian fraud operations, ultimately processing approximately $36 billion in total transactions.
Treasury Secretary Scott Bessent emphasized that Southeast Asian scam facilities extract billions of dollars annually from American citizens. He committed to continued deployment of departmental resources for disrupting these criminal networks.
The United Kingdom had previously implemented sanctions against Xinbi in March, freezing organizational assets and severing access to British financial systems and commercial networks.
U.S. Attorney Jeanine Pirro noted that the task force deployed personnel to Madagascar for addressing comparable criminal operations in that jurisdiction.
The sanctions freeze all United States-based property and financial interests associated with Xinbi while prohibiting American individuals and entities from conducting transactions with the designated organizations.
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