Washington, Sep 9 (IANS) The United States on Wednesday sanctioned Xinbi Guarantee, a Chinese-language platform accused of operating a vast illicit marketplace that supports cyber scams, financial fraud and money laundering targeting Americans.
The Treasury Department’s Office of Foreign Assets Control also designated two companies that allegedly provided digital currency, technology and other financial services essential to Xinbi Guarantee’s operations.
“Scam centers in Southeast Asia steal billions of dollars from American victims each year,” Treasury Secretary Scott Bessent said. “The Trump Administration is united in its efforts to dismantle these overseas criminal enterprises, and Treasury will continue using its tools to disrupt the networks behind this egregious fraud and protect Americans.”
Xinbi Guarantee operates an online marketplace connecting transnational criminal syndicates and scam centre operators with merchants offering financial services, technology and other goods, according to the Treasury Department.
The platform allegedly provides escrow services to scam operators, money-laundering networks and cybercrime syndicates. It has reportedly been used by North Korean hackers and several entities previously sanctioned by OFAC, including Jin Bei Group Co., Ltd. and organisations linked to the Prince Group transnational criminal organisation.
Since its launch around 2022, the marketplace has processed more than $24 billion in digital assets and traditional currency, primarily facilitating transactions in Southeast Asian countries, the department said.
After the Financial Crimes Enforcement Network identified Huione Pay as a financial institution of primary money-laundering concern, cybercriminals attempted to shift their activities to Xinbi Guarantee, according to the department. Xinbi continued offering similar services to an overlapping customer base.
OFAC also sanctioned Singapore-based SafeW Technology Co., Ltd. and Cambodia-based Anwen Technology Co., Ltd.
Xinbi began moving its merchant and money-laundering networks to SafeW, a private end-to-end encrypted messaging application, around June 2025 amid growing law enforcement scrutiny. The platform encouraged buyers and sellers to use SafeW to coordinate their activities.
Xinbi also launched XinbiPay, known as the NewPay wallet, a cryptocurrency payment and digital wallet application developed by Anwen.
“The Trump Administration will not let insidious criminal networks prey on the American people—cybercrime, fraud, and predatory schemes end here,” State Department spokesman Tommy Pigott said in a separate statement.
All US-based property and interests belonging to the designated entities are now blocked and must be reported to OFAC. Entities owned at least 50 per cent by one or more blocked persons are also subject to the restrictions. Unauthorised transactions involving their property are generally prohibited.
–IANS
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