Treasury sanctions Xinbi over $24B crypto-linked activity
- The US Treasury has sanctioned Xinbi Guarantee over its alleged role in a criminal services network tied to digital assets.
- Treasury said transactions linked to Xinbi totalled as much as $24 billion since 2022, while authorities seized about $52 million in cryptocurrency.
- The sanctions aim to cut Xinbi and related firms off from the US financial system and disrupt alleged scam networks.
The US Treasury has sanctioned Xinbi Guarantee, accusing the platform of supporting criminal networks involved in scams and illicit finance.
Treasury said Xinbi has processed as much as $24 billion in transactions since launching in 2022, much of it involving cryptocurrency.
“Scam centers in Southeast Asia steal billions of dollars from American victims each year,” Bessent said in a June statement.
The action also covers SafeW Technology and Anwen Technology, which Treasury said supported Xinbi’s encrypted messaging and wallet operations.
The US Department of Justice and other agencies have separately seized or gained control of about $52 million in cryptocurrency linked to the network.
Treasury has accused Xinbi of supporting money-laundering networks and facilitating activity linked to North Korean hackers through its platform.
The sanctions follow earlier US actions against Prince Group and Huione Group as authorities target crypto-linked networks accused of supporting online scam operations.
