The US Treasury Department’s Office of Foreign Assets Control (OFAC) has sanctioned Xinbi Guarantee, a Chinese-language scam marketplace, and added two companies that allegedly provided technical services to the platform. According to a Treasury notice dated Sept. 9, Xinbi Guarantee has handled more than $24 billion in digital assets and fiat currency since it was established in 2022.
DOJ seized infrastructure and digital asset wallets on the same day
The move was not limited to a sanctions designation. Treasury said the Department of Justice’s scam compound task force seized infrastructure and digital asset wallets used by Xinbi Guarantee on the same day.
Treasury Secretary Bessent said in the notice that scam compounds in Southeast Asia steal billions of dollars from US victims each year, and that Treasury will keep using the tools at its disposal to dismantle the networks behind those operations.
Treasury described Xinbi Guarantee as an intermediary hub for criminal networks
In the notice, Treasury described Xinbi Guarantee as an intermediary platform that serves as a central node connecting transnational criminal groups and merchants. It said scam compound operators used the marketplace to procure goods and complete transactions, while the platform offered third-party escrow services.
Treasury also said the platform had been used by North Korean hackers and by multiple sanctioned parties, including entities under the Jinbei Group and the Huione Group.
SafeW and XinbiPay developers were sanctioned as well
The notice said that as law enforcement pressure increased, Xinbi Guarantee began moving its merchants and money-laundering networks to SafeW around June 2025. SafeW is an end-to-end encrypted messaging app developed by Singapore-based SafeW Technology Co., Ltd., and the platform encouraged users to rely on it to match buyers and sellers.
Around the same period, Xinbi Guarantee launched its own cryptocurrency payment and wallet application, XinbiPay, also known as the NewPay Wallet. Its developer is Cambodia-based Anwen Technology Co., Ltd.
Both companies were designated under the same executive order on the grounds that they materially assisted or provided technological support to Xinbi Guarantee. In Treasury’s account, enforcement against a platform had in the past pushed operations to shift elsewhere; this time, sanctions also reached the communications and payment tools built after that shift.
Treasury placed the action in a broader enforcement sequence
Treasury said that after the Financial Crimes Enforcement Network (FinCEN) issued a Section 311 final rule against the Huione Group in October 2025, cybercriminals attempted to move activity to the Xinbi Guarantee marketplace, which then offered broadly similar services to an overlapping customer base.
Chain News had previously reported that blockchain analytics firm Elliptic disclosed the scale of Xinbi Guarantee’s money-laundering activity as early as 2025. Earlier this month, it also reported that FinCEN had counted more than $12.7 billion in suspicious flows to scam compounds in Southeast Asia.
The sanctions action was taken under Executive Order 13581, as amended by Executive Order 13863, and also aligns with Executive Order 14390, signed on March 6 this year and aimed at cybercrime and fraud. The UK Foreign, Commonwealth and Development Office had already sanctioned Xinbi Guarantee on March 26 this year.
What the sanctions block
Once the sanctions took effect, all property and interests in property of the designated parties that are in the United States, or in the possession or control of US persons, were blocked and must be reported to OFAC. The same restrictions apply to entities owned, directly or in the aggregate, 50% or more by one or more blocked persons.