Treasury Sanctions Chinese-Language Platform Linked to Cyber Scams Targeting Americans

Washington: Today, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned Transnational Criminal Organization (TCO) Xinbi Guarantee, a Chinese-language platform used extensively by Chinese cybercriminals. Xinbi Guarantee operates a large illicit online marketplace that supports cyber scams, fraud, money laundering, and other criminal activities targeting Americans. OFAC also designated two entities that support Xinbi Guarantee's core operations through the provision of digital currency and other financial services. This action is coordinated with the Department of Justice's Scam Center Strike Force (SCSF), which seized infrastructure and digital asset wallets used by Xinbi Guarantee. According to U.S. Department of the Treasury, scam centers in Southeast Asia steal billions of dollars from American victims each year. Secretary of the Treasury Scott Bessent stated that the Trump Administration is committed to dismantling these overseas criminal enterprises and will continue u sing its tools to disrupt the networks behind these frauds and protect Americans. These actions are in furtherance of President Trump's Executive Order (E.O.) 14390 of March 6, 2026, which orders the U.S. Government to combat foreign-backed criminal networks that exploit Americans through cybercrime and fraud. Today's action reflects OFAC's coordination with the Homeland Security Task Force and National Coordination Center. The designations build on OFAC's earlier actions against the Prince Group Transnational Criminal Organization and related persons, as well as Treasury's Financial Crimes Enforcement Network's (FinCEN) actions against Huione Group. This aims to identify illicit marketplaces and highlight the risks they pose through money laundering activities. The action also highlights cooperation between the United States and the United Kingdom. OFAC's actions complement the United Kingdom's Foreign, Commonwealth, and Development Office's sanctions against Xinbi. OFAC is acting under E.O. 13581, as am ended by E.O. 13863, to block property of transnational criminal organizations. Xinbi Guarantee operates an illicit marketplace connecting transnational criminal syndicates with merchants providing financial services, technology, and goods supporting criminal operations. The platform facilitates transactions supporting cyber scams and cybercrime operations, including financial fraud. Xinbi Guarantee provides scam operators with escrow services and has been used by North Korean hackers and OFAC-designated entities. Since its inception around 2022, Xinbi Guarantee's marketplace has processed over $24 billion in digital assets and fiat currency, primarily in Southeast Asia. Following FinCEN's listing of Huione Pay, cybercriminals transferred activities to Xinbi Guarantee's marketplace. OFAC is also targeting application development companies in Southeast Asia supporting Xinbi Guarantee's operations. Xinbi Guarantee migrated its networks to SafeW, a messaging application by Singapore-based SafeW Technology Co. , Ltd., and launched XinbiPay, a cryptocurrency payment application by Cambodia-based Anwen Technology Co., Ltd. Xinbi Guarantee is designated under E.O. 13581 for being a significant transnational criminal organization. Anwen and SafeW Technology are designated for supporting Xinbi Guarantee. As a result of today's action, all property and interests of the designated persons in the U.S. are blocked and must be reported to OFAC. Entities owned 50 percent or more by blocked persons are also blocked. OFAC's regulations prohibit transactions involving property of designated persons unless authorized by OFAC. Violations of U.S. sanctions may result in penalties. OFAC may impose civil penalties on a strict liability basis, and financial institutions risk exposure to sanctions for engaging in transactions with designated persons. Non-U.S. persons are prohibited from causing U.S. persons to violate sanctions and from evading sanctions. The power of OFAC sanctions comes from its ability to designate persons to th e SDN List and its willingness to remove persons from the list to bring about positive change. Information on seeking removal from an OFAC list is available on OFAC's website.