US Government Sanctions Chinese-Language Marketplace Linked to Fraud and Criminal Activity
In a significant move aimed at combating financial crime, the US government has announced sanctions against Xinbi Guarantee, a Chinese-language marketplace notorious for facilitating fraud, money laundering, and other illicit activities. Following a similar decision by the UK earlier this year, these sanctions are part of a broader strategy to dismantle criminal networks operating from Southeast Asia and beyond.
Xinbi Guarantee is believed to serve as a crucial link between scam operators and various merchants providing a range of financial services. This includes technology offerings that are often exploited by transnational criminal syndicates. The US Treasury has estimated that since its inception in 2022, the platform has been involved in the transfer of over $24 billion in both digital and fiat currencies. This staggering figure highlights the scale of operations that have been enabled by this marketplace.
Scott Bessent, the Treasury Secretary, emphasized the detrimental impact of scam operations originating from Southeast Asia. He noted, "Scam centers in Southeast Asia steal billions of dollars from American victims each year." He further stated that the Trump administration is unified in its mission to dismantle these overseas crime enterprises. The Treasury Department will continue leveraging its regulatory tools to disrupt the networks that perpetuate such egregious fraud and effectively safeguard American citizens.
The role of Xinbi Guarantee in the landscape of cybercrime is profound. According to TRM Labs, a blockchain analytics firm, merchants operating on the platform are known to trade in stolen personal data, counterfeit identity documents, AI deepfake tools, satellite internet equipment, and over-the-counter cryptocurrency exchanges. The marketplace is particularly notorious for its involvement in orchestrating large-scale online fraud operations. Many of these scams rely on trafficked foreign nationals, who are often seduced with false promises of legitimate employment.
TRM Labs also suggests that the transaction volume on Xinbi Guarantee may actually exceed the US government’s estimates, potentially reaching upwards of $36 billion. This discrepancy underscores the evasiveness and sophistication of such criminal enterprises. Alarmingly, the firm observed a substantial increase in daily transaction inflows, which nearly doubled between May and December 2025, contrasting sharply with a decline in activity at other sanctioned marketplaces like Huione Guarantee and Tudou Guarantee.
In a concerted effort to curb Xinbi Guarantee’s operations, the US Treasury’s Office of Foreign Assets Control (OFAC) has also targeted two key entities believed to underpin the marketplace’s operations. These include SafeW Technology, a Singapore-based encrypted messaging app provider, and Anwen Technology, based in Cambodia, which produces the XinbiPay digital wallet application—formerly known as NewPay. The sanctions aim to disrupt the technological backbone that supports Xinbi’s criminal activities.
Coinciding with these sanctions, the US Secret Service, in collaboration with London-based blockchain intelligence firm Elliptic, has successfully identified and immobilized approximately $52.8 million in cryptocurrency assets linked to Xinbi Guarantee. This development signifies a crucial step toward curtailing the financial infrastructure that enables such cybercriminal enterprises. Elliptic noted that merchants and users engaging with these services will now face the added risk of having their digital wallets identified and frozen at any time, creating uncertainty that undermines the operational stability of these illicit marketplaces.
Remarkably, recent reports suggest that Xinbi Guarantee may now be offline, with Telegram having taken action to delete the primary channels associated with the marketplace and ban usernames linked to its operations. This marks a significant turning point in the ongoing battle against digital crime.
Earlier in the year, the UK had taken similar steps by sanctioning Xinbi Guarantee, underscoring a global consensus on the need to combat such extensive fraud networks. The coordinated international effort to dismantle these criminal enterprises underscores a growing recognition of the need for rigorous enforcement measures against cybercrime, which increasingly threatens the financial integrity of nations worldwide. In light of these developments, it is clear that the fight against digital fraud is becoming more dynamic and focused, requiring robust strategies and international collaboration.