Marketplace processed $24 billion since 2022, Treasury says
The US Treasury Department’s Office of Foreign Assets Control on Wednesday imposed sanctions on Xinbi Guarantee, a Chinese-language online marketplace it says is used extensively by transnational criminal organizations that target Americans with cyber scams, fraud and money laundering. Under the sanctions, all U.S. property and interests in property owned by these entities or in the possession or control of those in the United States are blocked, according to the Treasury statement.
OFAC described Xinbi Guarantee as “a Chinese-language platform used extensively by Chinese cybercriminals that operates a large illicit online marketplace used to support cyber scams, fraud, money laundering and other criminal activity targeting Americans.”
Treasury designated two additional entities it said support Xinbi Guarantee’s “core operations”: Anwen Technology Co., based in Cambodia, and Safe W Technology, based in Singapore. According to the Treasury release, Xinbi Guarantee began shifting its merchant and money-laundering networks to SafeW last year as law enforcement scrutiny increased, and around the same time launched XinbiPay, a cryptocurrency and digital wallet application developed by Anwen.
The Justice Department’s Scam Center Strike Force seized infrastructure and digital asset wallets tied to the platform, according to Treasury.
Treasury Secretary Scott Bessent said the department “will continue using its tools to disrupt the networks behind this egregious fraud and protect Americans,” according to the Treasury statement. Bessent said scam centers in Southeast Asia steal billions of dollars from American victims each year.
Since 2022, Xinbi Guarantee has processed more than $24 billion in digital assets and currency through its marketplace and platforms, according to the Treasury release.
Britain’s Foreign, Commonwealth and Development Office also implemented sanctions against Xinbi Guarantee in March, according to the Treasury release.