U.S. authorities have launched a coordinated sanctions and seizure action against Xinbi Guarantee.
The Treasury Department’s Office of Foreign Assets Control designated Xinbi as a significant transnational criminal organization on September 9.
Treasury also designated SafeW Technology and Anwen Technology.
What Xinbi allegedly operated
Treasury describes Xinbi as a Chinese-language online marketplace connecting transnational criminal networks with merchants offering financial services, technology and other services used by scam centers.
The U.S. government says the marketplace supported cyber scams, financial fraud, money laundering, escrow services and criminal infrastructure procurement.
More than $24 billion processed
Treasury says Xinbi’s marketplace processed the equivalent of more than $24 billion in digital assets and fiat currency since around 2022.
That amount is a marketplace transaction-volume estimate, not a confirmed measure of stolen victim funds.
SafeW and Anwen
Treasury says Xinbi migrated merchant and money-laundering activity to SafeW, and that XinbiPay/NewPay was developed by Anwen Technology.
Both companies were sanctioned for alleged material support.
DOJ action and $52 million restraint
The Department of Justice separately said its Scam Center Strike Force seized infrastructure and digital-asset wallets associated with Xinbi.
DOJ says approximately $52 million in cryptocurrency tied to scam money laundering was restrained in one day.
What “restrained” means
Restrained assets are not necessarily already returned to victims.
CEXVia therefore does not equate $52M restrained with $52M repaid to victims.
OFAC implications
Crypto businesses need to screen wallet addresses, counterparties, payment flows, hosted accounts and service-provider relationships.
Evidence Status
Confirmed / Official
- Xinbi designated as a significant TCO.
- SafeW Technology and Anwen Technology also designated.
- Treasury says Xinbi processed >$24B in digital assets and fiat.
- DOJ says ~$52M cryptocurrency restrained.
Developing
- Additional wallet attributions.
- Forfeiture proceedings.
- Victim restitution.
- Exchange freezes.
- Related criminal cases.
Risk Assessment
Critical sanctions / illicit-finance significance.
What to Watch Next
OFAC wallet updates, DOJ forfeiture filings, exchange freezes, infrastructure seizures, victim restitution and related entity designations.
FAQ
How much did Treasury say Xinbi processed?
More than $24 billion.
Is that all confirmed stolen money?
No.
How much crypto did DOJ restrain?
Approximately $52 million.
Has that $52 million been returned to victims?
Not necessarily.
Who else was sanctioned?
SafeW Technology and Anwen Technology.
Why does this matter to exchanges?
Sanctions screening and wallet exposure create legal and operational obligations.