US sanctions Xinbi marketplace, restrains more than $52 million in crypto

US authorities have moved against Xinbi Guarantee, a scam marketplace they say supported industrial-scale fraud operations, by restraining more than $52 million in crypto and sanctioning the platform and related technology providers. For high-risk PSPs, the detail that matters is simple: the action is not just about end operators, but also the wallets, messaging rails, and payment apps that keep scam ecosystems running.

1. On Wednesday, the US Justice Department said its Scam Center Strike Force seized two wallets used by Xinbi to collect vendor payments, containing about $12 million. Law enforcement also sought restraints against 47 additional wallets believed to be connected to money laundering across Xinbi’s network.
2. The US District Court for the District of Columbia authorized the seizure of Telegram channels hosting the marketplace on Sept. 7. According to the unsealed warrant, vendors used those channels to advertise money laundering, custom scam-investment websites and recruitment services for scam compounds in Southeast Asia.
3. The DOJ said the operation is aimed at the financial and communications infrastructure supporting industrial-scale scam centers, expanding enforcement beyond individual operators to the marketplaces and service providers that allow the networks to function. The department also credited Tether with assisting in the investigation.
4. In a coordinated action on Wednesday, the US Treasury Department said OFAC designated Xinbi as a significant transnational criminal organization. Treasury also sanctioned Singapore-based SafeW Technology and Cambodia-based Anwen Technology for allegedly providing technological and financial support to Xinbi.
5. According to Treasury, Xinbi began moving its merchant and money-laundering networks to SafeW’s encrypted messaging application around June 2025 as law-enforcement scrutiny intensified. Anwen allegedly developed XinbiPay, also known as NewPay, a crypto wallet and payment application used by the marketplace.

Treasury said Xinbi has processed over $24 billion in crypto and fiat since around 2022, primarily through Southeast Asia. It also said the platform has been used by North Korean hackers and entities connected to the sanctioned Prince Group. The sanctions block Xinbi’s US property and interests and generally prohibit US persons from transacting with the designated entities.

The latest US action follows UK sanctions imposed against Xinbi on March 26. Under the UK measures, assets connected to Xinbi will be frozen, and the platform will be barred from the country’s financial, trade and travel networks.