BEIJING (dpa-AFX) - The United States imposed sanctions on Xinbi Guarantee, a Chinese-language platform used extensively by transnational criminal organizations and money laundering networks behind cyber scam operations targeting Americans.
The U.S. Department of the Treasury's Office of Foreign Assets Control, or OFAC, also sanctioned two entities that supported Xinbi Guarantee's core operations.
Singapore-based SafeW Technology Co., Ltd. and Cambodia-based Anwen Technology Co. are application development companies responsible for providing applications that support Xinbi Guarantee's illicit operations, and digital currency and other financial services.
Scam centers in Southeast Asia steal billions of dollars from American victims each year, said Secretary of the Treasury Scott Bessent. Xinbi Guarantee operates a large illicit online marketplace that is used to support cyber scams, fraud, money laundering, and other criminal activity targeting Americans.
Transnational criminal organizations increasingly rely on interconnected networks of online marketplaces, payment institutions, virtual asset service providers, and money laundering facilitators to conduct cyber scams and move stolen funds.
Xinbi Guarantee operates an illicit online marketplace that serves as a central node connecting transnational criminal syndicates, including scam center operators, with merchants that provide financial services, technology, and other goods that support their criminal operations.
Xinbi's platform is used by scam center operators to purchase goods and facilitate transactions in support of cyberscam and cybercrime operations, including various types of financial fraud. Xinbi Guarantee provides scam operators, money laundering networks, and cybercrime syndicates with escrow services through its platform. Its platform has reportedly been used by North Korean hackers and by several OFAC designated entities, including Jin Bei Group Co., Ltd. and entities that are part of the Prince Group TCO.
Since its inception around 2022, Xinbi Guarantee's marketplace has processed the equivalent of over $24 billion in digital assets and fiat currency through its marketplace and via its platforms, primarily facilitating transactions in countries located in Southeast Asia, according to the U.S. Treasury.
Following FinCEN's listing of Huione Pay, a financial services conglomerate of primary money laundering concern, cybercriminals attempted to preserve their operations by transferring their activities to Xinbi Guarantee's marketplace, which has continued offering substantially similar services to an overlapping customer base.
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