China Cracks Down on Scams as US Targets Xinbi Guarantee
China has launched an anti-scam alliance in Lianyungang, Jiangsu Province, as it hosted the Global Public Security Cooperation Forum. The International Alliance Combating Telecom and Cyber Fraud aims to tackle transnational cybercrime, with 46 founding countries including scam hotspot Myanmar.
The move comes after Washington shut down Chinese-language crypto marketplace Xinbi Guarantee along with two affiliated firms in Singapore and Cambodia. Xinbi operates on Telegram, where the U.S. accuses it of enabling scam centers to buy and sell custom investment-fraud websites, specialized money-laundering services, and trafficked labor.
The U.S. Department of Justice seized Telegram channels and cryptocurrency wallets tied to the platform, freezing over $52 million in potentially laundered funds. Xinbi's marketplace has allegedly processed the equivalent of over $24 billion in digital assets and fiat currency since its inception around 2022.