US sanctions Xinbi scam marketplace, restrains $52M in crypto
US authorities restrained more than $52 million in cryptocurrencies linked to the scam marketplace Xinbi Guarantee and its vendor network as part of a coordinated crackdown. The US Department of Justice seized two wallets containing about $12 million and pursued restraints on 47 other wallets used for money laundering. The Treasury also sanctioned Singapore-based SafeW Technology and Cambodia-based Anwen Technology for providing technological and financial services to Xinbi, targeting the financial infrastructure and communication channels supporting large-scale scam operations.
Seizure of crypto assets and investigation
The US Department of Justice announced that its Scam Center Strike Force seized two cryptocurrency wallets used by Xinbi to collect vendor payments, containing around $12 million. Additionally, authorities sought to restrain 47 more wallets linked to suspected money laundering through Xinbi’s network. This operation targets not only individual operators but also marketplaces and service providers that enable large-scale scam centers to operate.
The US District Court for the District of Columbia authorized the seizure of Telegram channels hosting the Xinbi marketplace. The unsealed warrant revealed that vendors used these channels to advertise money laundering services, bespoke scam-investment websites, and recruitment for scam syndicates in Southeast Asia.
US Treasury sanctions against Xinbi and technology providers
The US Treasury Department’s Office of Foreign Assets Control (OFAC) designated Xinbi as a significant transnational criminal organization and imposed sanctions on Xinbi as well as Singapore-based SafeW Technology and Cambodia-based Anwen Technology, which provided technological and financial support to the scam network.
Since June 2025, as law enforcement scrutiny increased, Xinbi began migrating its merchant and money-laundering networks to SafeW’s encrypted messaging app. Anwen Technology developed XinbiPay (also known as NewPay), a crypto wallet and payment app used on the platform.
The Treasury reported that since around 2022, Xinbi has processed more than $24 billion in cryptocurrency and fiat, mainly through Southeast Asia. The platform has also been utilized by North Korean hackers and entities tied to the sanctioned Prince Group.
The imposed sanctions freeze Xinbi's US assets and prohibit US persons from conducting transactions with the designated entities.
International context and prior measures
This US action follows similar sanctions imposed by the United Kingdom in March 2024 targeting Xinbi, aimed at cutting the platform off from crypto access and financial resources within the UK. UK sanctions freeze assets linked to Xinbi and bar the platform from the country’s financial, trade, and travel networks.
Why it matters
The heightened US sanctions against Xinbi and its supporting tech firms reflect increasing global efforts to dismantle large-scale crypto scam platforms. Seizing tens of millions of dollars, blocking key digital channels, and freezing assets demonstrate coordinated action between law enforcement and financial authorities to disrupt criminal money flows and infrastructures that sustain fraudulent schemes in Asia and beyond.
Prepared from the source material with AI-assisted editing and checked against the supplied facts.
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