U.S. Treasury sanctions another widespread cyber-scam hub, Xinbi Guarantee
Chinese-language platform Xinbi is accused of operating on crypto transactions as it offered services to other criminal networks.
- The U.S. Treasury Department went after another international hub for criminal services associated with digital assets, sanctioning Xinbi Guarantee.
- This adds to earlier actions against Prince Group and Huione Group, the department said.
The U.S. Department of the Treasury sanctioned online marketplace Xinbi Guarantee, which U.S. authorities accused of being extensively used by Chinese cybercriminals to operate crypto-infused scams and illicit finance, according to a Wednesday statement.
The alleged transnational criminal organization helped scam centers purchase necessary items and aided in financial activity tied to criminal operations, according to the Treasury's Office of Foreign Assets Control, which said the transactions totalled as much as $24 billion since the Chinese-language platform began in 2022, much of which was associated with cryptocurrency. The UK’s Foreign, Commonwealth, and Development Office had also sanctioned Xinbi in March.
“Scam centers in Southeast Asia steal billions of dollars from American victims each year,” said Treasury Secretary Scott Bessent in a statement. He said his department will "continue using its tools to disrupt the networks behind this egregious fraud and protect Americans.”
Xinbi is said to have supported money laundering networks and been used by North Korean hackers, with much of the interaction conducted over Telegram. It was also tied to Prince Group, which was the target of similar Treasury actions.
In a related action, the Department of Justice and other law enforcement agencies also pursued the network, seizing or gaining control of some $52 million in cryptocurrency, according to a statement.
Blockchain intelligence firm Eliptic said it helped the U.S. Secret Service in the investigation of Xinbi, which is said has been the “leading marketplace for online scammers.”
As law enforcement groups and technology providers focused on Xinbi, it's said to have started moving its merchant and money-laundering activity last year to an encrypted messaging application developed by Singapore-based SafeW Technology. It also established a XinbiPay wallet application developed by Cambodia-based Anwen Technology, so Wednesday's Treasury actions extended to SafeW and Anwen.
Treasury, which said it worked alongside the Department of Justice’s recently established Scam Center Strike Force, had previously gone after Prince and Huione Group. The sanctions are meant to cut off all financial activity with U.S. people or businesses, which has the effect of walling off an entity from much of the global financial system.
U.S. Attorney Jeanine Pirro said that the task force sent a team to Madagascar to deal with similar problems there.
Read More: Sanctioned Cambodian Lender Huione, Linked to Illicit Crypto, Halts Business After Bank Run: Report
UPDATE (September 9, 2026, 18:02 UTC): Adds Justice Department actions.
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Tokenized equities lead RWA inflows as the market recovers; Binance's bStocks hit ~$118.5M in two months, now #2 issuer and ~90% of on-chain equity DEX volume.
Tokenized equities lead RWA inflows as the market recovers; Binance's bStocks hit ~$118.5M in two months, now #2 issuer and ~90% of on-chain equity DEX volume.
Why it matters:
Tokenized equities lead RWA inflows as the market recovers; Binance's bStocks hit ~$118.5M in two months, now #2 issuer and ~90% of on-chain equity DEX volume.