US sanctions Xinbi scam marketplace, restrains $52M in crypto
Written by Ezra Reguerrastaff writerReviewed by Yohan Yunstaff editorThe Justice Department seized Xinbi’s Telegram channels and two wallets as investigators pursued 47 additional wallets across its alleged laundering network.
United States authorities restrained more than $52 million in crypto linked to Xinbi Guarantee and its vendor network as part of a coordinated operation against the scam marketplace.
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.
The DOJ said 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 the channels to advertise money laundering, custom scam-investment websites and recruitment services for scam compounds in Southeast Asia.
The operation targets 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 DOJ credited stablecoin issuer Tether with assisting in the investigation.
Treasury sanctions Xinbi and technology providers
In a coordinated action on Wednesday, the US Treasury Department said its Office of Foreign Assets Control (OFAC) designated Xinbi as a significant transnational criminal organization. OFAC also sanctioned Singapore-based SafeW Technology and Cambodia-based Anwen Technology for allegedly providing technological and financial support to Xinbi.
According to the 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.
Related: US, UK launch joint alliance targeting crypto scam centers
The Treasury said Xinbi has processed over $24 billion in crypto and fiat since around 2022, primarily through Southeast Asia. The department said its 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, the UK government imposed sanctions on Xinbi aimed at cutting the platform off from crypto access. Under the sanctions, UK assets connected to Xinbi will be frozen, and the platform will be barred from the country’s financial, trade and travel networks.
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