Treasury Sanctions Xinbi Crypto Marketplace as DOJ Restrains $52 Million in Digital Assets

The U.S. Treasury Department sanctioned Xinbi Guarantee on September 9, designating the Chinese-language online marketplace as a significant transnational criminal organization, while the Justice Department said a coordinated enforcement action restrained more than $52 million in cryptocurrency linked to alleged scam-money laundering. Treasury also sanctioned SafeW Technology Co., Ltd. and Anwen Technology Co., Ltd., two companies it said supported Xinbi’s operations.

The actions target different parts of the same network. Treasury is using financial sanctions to block U.S.-linked property and restrict dealings with the designated entities. Justice, through its Scam Center Strike Force, is pursuing digital infrastructure and cryptocurrency wallets that investigators say were used by Xinbi and vendors serving scam-center operators.

In its sanctions announcement, Treasury said Xinbi operated an illicit marketplace that connected transnational criminal groups and scam-center operators with merchants providing financial services, technology and other goods. Treasury said the marketplace had processed the equivalent of more than $24 billion in digital assets and fiat currency since around 2022, primarily in Southeast Asia.

DOJ says two wallets were seized and 47 more were targeted

The Justice Department’s September 9 enforcement announcement gives a more detailed account of the cryptocurrency action. According to DOJ, a federal court in the District of Columbia authorized seizure of Telegram channels hosting the Xinbi marketplace on September 7. The seizure warrant was unsealed two days later.

DOJ said investigators seized two cryptocurrency wallets used by Xinbi to collect payments for vendors. Those two wallets held about $12 million. Law enforcement also sought restraint of 47 additional wallets believed to be associated with money laundering on Xinbi’s network and with vendors that had worked for scam operators. Taken together, DOJ said more than $52 million worth of cryptocurrency was restrained from Xinbi and its vendor network.

The wording is important. The department specifically described the two wallets holding about $12 million as seized, while it said restraint was sought for 47 additional wallets and that more than $52 million was restrained overall. The announcement does not describe the full $52 million as finally forfeited. DOJ also credited Tether with providing proactive assistance in the investigation.

The warrant allegations describe Xinbi as a marketplace run through Telegram where vendors advertised services to scam-center operators. DOJ said those offerings included custom scam investment websites, money-laundering services and recruitment of trafficking victims to work in scam compounds in Southeast Asia. Investigators also alleged that Xinbi acted as an escrow intermediary, holding money until a vendor completed a purchased service.

According to DOJ, U.S. victim funds were traced to vendors that advertised laundering services and posted cryptocurrency wallet addresses for payment. The department said the day’s action brought the Scam Center Strike Force’s total restrained cryptocurrency to about $938 million. The strike force was formally launched in November 2025 to target cryptocurrency investment fraud, cyber-enabled fraud, human trafficking and money laundering tied to overseas scam centers.

Treasury says Xinbi handled more than $24 billion since 2022

Treasury’s action goes beyond the wallets named by Justice. OFAC designated Xinbi under Executive Order 13581, as amended, which covers significant transnational criminal organizations. OFAC’s September 9 update also identified numerous cryptocurrency addresses associated with Xinbi on the Specially Designated Nationals list.

Treasury said Xinbi’s marketplace provided escrow services to scam operators, money-laundering networks and cybercrime groups. It also said the platform had reportedly been used by North Korean hackers and by entities previously designated by OFAC, including Jin Bei Group Co., Ltd. and entities linked to the Prince Group transnational criminal organization. Those statements reflect Treasury’s findings and allegations in the sanctions action.

The agency also described how Xinbi adapted as law-enforcement scrutiny increased. Around June 2025, Treasury said, Xinbi began moving merchant and money-laundering activity to SafeW, an end-to-end encrypted messaging application developed by Singapore-based SafeW Technology. At roughly the same time, Xinbi launched XinbiPay, also known as the NewPay wallet, a cryptocurrency payment and digital-wallet application developed by Cambodia-based Anwen Technology.

OFAC sanctioned SafeW Technology and Anwen alongside Xinbi. Treasury said the two companies materially assisted or provided financial, technological, goods or services support to Xinbi. The designations therefore reach beyond the marketplace itself and into tools that Treasury says helped users communicate and move digital assets.

Sanctions block U.S.-linked property and add to earlier pressure

As a result of the OFAC designations, property and interests in property of Xinbi, SafeW Technology and Anwen that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. Entities owned 50% or more, directly or indirectly, by one or more blocked persons are also blocked. Unless authorized or exempt, U.S. persons are generally prohibited from dealing in property or interests in property involving the designated entities.

The U.S. action follows a March 26 sanctions move by the United Kingdom against Xinbi Company Limited. The UK government said at the time that Xinbi provided cryptocurrency-based services to scam centers in Southeast Asia, including services involving stolen personal data, and linked the marketplace to abuses associated with forced labor in scam compounds.

Treasury also placed the new sanctions in the context of earlier U.S. measures against Huione Group. FinCEN finalized a rule in October 2025 severing Huione Group from the U.S. financial system after identifying it as a financial institution of primary money-laundering concern. Treasury said that after enforcement pressure on Huione, cybercriminals attempted to preserve their operations by shifting activity to Xinbi, which offered substantially similar services to an overlapping customer base.

The September 9 actions therefore combine a sanctions measure with court-authorized seizures and wallet restraints. Xinbi and its two designated technology providers now face U.S. blocking restrictions, while the digital assets identified by DOJ remain subject to the enforcement process described in the warrant and the department’s announcement.