The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) recently sanctioned transnational criminal organization Xinbi Guarantee, a Chinese-language platform used extensively by Chinese cybercriminals. The Department of Justice’s Scam Center Strike Force seized infrastructure and digital asset wallets Xinbi Guarantee used.
According to the sanctions, Xinbi Guarantee has operated an illicit online marketplace since 2022 that connects transnational criminal syndicates, money laundering networks and scam operators with merchants that provide technology, financial services and other goods that support their criminal operations. The marketplace, which also provides escrow services, has processed the equivalent of more than $24 billion in digital assets and fiat currency.
“Scam centers in Southeast Asia steal billions of dollars from American victims each year,” Secretary of the Treasury Scott Bessent said. “The Trump Administration is united in its efforts to dismantle these overseas criminal enterprises, and Treasury will continue using its tools to disrupt the networks behind this egregious fraud and protect Americans.”
OFAC also took action against Southeast Asia-based application development companies responsible for providing applications that support Xinbi Guarantee’s illicit operations. Anwen and SafeW Technology are accused of materially assisting, sponsoring or providing financial, material, or technological support for, or goods or services to or in support of, Xinbi Guarantee.