US Treasury Sanctions Xinbi Scam Platform for Transnational Crimes

The US Treasury Department has sanctioned Xinbi Guarantee, a Chinese-language scam marketplace that processed over $24 billion since 2022. The platform was accused of transnational criminal activity and is believed to have taken over customers from the shut-down Huione Pay.

Xinbi shifted to avoid law enforcement by switching to encrypted messaging and a new wallet. Authorities froze $52.8 million in Tether wallets linked to Xinbi, but the company responded by condemning Tether's freezes and switching to USDD, a stablecoin without freeze controls.