US Sanctions Major Chinese Cybercrime Marketplace Xinbi Guarantee

The US Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Xinbi Guarantee, a major Chinese-language marketplace used to facilitate fraud, money laundering, and other transnational criminal activities.

The platform serves as a central hub connecting scam centre operators, particularly those located in Southeast Asia, with merchants providing essential criminal infrastructure, including financial services and technology.

Massive Financial Scale

According to blockchain analytics firm TRM Labs, the marketplace has likely processed between $24 billion and $36 billion in digital and fiat currency since its inception in 2022. TRM Labs noted that daily transaction inflows nearly doubled between May and December 2025, partly due to the decline of other sanctioned platforms such as Huione Guarantee and Tudou Guarantee.

The services listed on Xinbi Guarantee include stolen personal data, fraudulent identity documents, AI-generated deepfake tools, and over-the-counter cryptocurrency exchanges. TRM Labs also highlighted that the platform’s operations often rely on trafficked foreign nationals who are coerced into performing large-scale online fraud.

Targeting Infrastructure and Enablers

In addition to the marketplace itself, OFAC sanctioned two entities identified as supporters of Xinbi’s core operations:

• SafeW Technology: A Singapore-based provider of end-to-end encrypted messaging services.
• Anwen Technology: A Cambodia-based company that produces the XinbiPay digital wallet, also known as NewPay.

The US Secret Service and blockchain intelligence firm Elliptic announced that they have identified and frozen $52.8 million in cryptoassets linked to Xinbi Guarantee. Elliptic stated that the ability to identify and freeze wallets significantly undermines the operational mechanisms these marketplaces depend on.

Current Status of the Marketplace

Following the recent enforcement actions, Xinbi Guarantee appears to have gone offline. Reports indicate that Telegram has deleted the main channels associated with the marketplace and banned several linked usernames.

Treasury Secretary Scott Bessent stated that the administration is committed to dismantling these overseas criminal enterprises to protect American victims from the billions of dollars stolen by scam centres annually. The US action follows similar measures taken by the UK, which sanctioned the platform in March.