U.S. Sanctions Xinbi Guarantee Platform for Alleged Role in Online Scams and Money Laundering

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on Xinbi Guarantee, a coin guarantee platform, and two associated entities for allegedly facilitating online scams, fraud, money laundering, and other criminal activities targeting U.S. persons.

According to OFAC, Xinbi Guarantee operates an illegal online marketplace that connects transnational criminal organizations with merchants providing financial services, technology, and other resources that support criminal activities. The platform provides escrow guarantee services to fraudsters, money laundering networks, and cybercrime groups.

Xinbi Guarantee has processed digital assets and fiat currency equivalents totaling over $24 billion in trading volume since its establishment around 2022. The U.S. Department of the Treasury determined that NewCoin Guarantee previously provided services to multiple entities sanctioned by OFAC, including Jinbei Group and related entities under the Taizi Group.

The sanctions also include two companies that provided critical support to Xinbi Guarantee: SafeW Technology, the developer of the encrypted messaging app SafeW, and Anwen Technology, the developer of the NewPay wallet (also known as NewCoin Wallet). Additionally, 52 cryptocurrency addresses associated with Xinbi Guarantee have been added to the OFAC sanctions list.