U.S. Treasury officials have sanctioned a Chinese online marketplace it says processed more than $24 billion in digital assets and cash for scam networks operating across Southeast Asia, one of the largest dollar figures the department’s sanctions office has attached to a single scam-facilitation case. The designation, announced through the Office of Foreign Assets Control, came alongside a same-day law enforcement operation targeting the same network’s infrastructure.
OFAC’s Designation of Xinbi Guarantee and Two Affiliates
According to Treasury’s announcement, titled “Treasury Cracks Down on Transnational Criminal Organization Behind Cyber Scam Operations Targeting Americans,” the Office of Foreign Assets Control designated Xinbi Guarantee, a Chinese-language online marketplace, along with SafeW Technology Co., Ltd., a Singapore-based messaging application developer, and Anwen Technology Co., Ltd., a Cambodia-based cryptocurrency wallet application developer. Treasury describes Xinbi Guarantee as a central hub connecting transnational criminal syndicates with the merchants who supply the financial services and technology scam operations run on, and says the platform’s users have included North Korean hackers and members of other OFAC-designated networks, among them Jin Bei Group Co., Ltd. and the Prince Group transnational criminal organization.
Treasury says the two affiliated companies gave Xinbi Guarantee’s network its working tools. SafeW Technology built SafeW, an end-to-end encrypted messaging application; around June 2025, Treasury says, Xinbi Guarantee migrated its merchant and money-laundering coordination onto that platform for buyer-seller communication. Anwen Technology built XinbiPay, also marketed as the NewPay wallet, the cryptocurrency payment and digital wallet application Xinbi Guarantee launched for moving funds.
Inside the kit: Treasury’s case against Xinbi Guarantee describes a marketplace built specifically to move scam proceeds through crypto wallets and encrypted messaging apps, the same tools that show up once a victim has already wired money or handed over account access. Open The Senior Fraud Defense & First-Hour Recovery Kit for the first-hour recovery plan and the free credit-freeze steps.
Over $24 Billion Processed Since About 2022
Treasury’s release puts a specific figure on the marketplace’s scale: Xinbi Guarantee processed the equivalent of over $24 billion in digital assets and fiat currency since its inception around 2022. That figure describes the total volume the platform moved, not the amount lost by American victims specifically, and Treasury’s release does not break out a separate U.S.-victim loss total. Even so, the department frames the marketplace as central infrastructure for the broader category of “scam center” operations — organized fraud networks, many based in Southeast Asia, that run romance scams, fake investment platforms and other schemes targeting victims by phone, text and social media.
“Scam centers in Southeast Asia steal billions of dollars from American victims each year,” Treasury Secretary Scott Bessent said in the announcement. “The Trump Administration is united in its efforts to dismantle these overseas criminal enterprises, and Treasury will continue using its tools to disrupt the networks behind this egregious fraud and protect Americans.” Treasury’s release does not break out a separate dollar figure for American victims specifically within the $24 billion total, describing that number instead as the full volume of digital assets and fiat currency the marketplace processed since roughly 2022.
A Same-Day Seizure by the DOJ’s Scam Center Strike Force
The sanctions announcement coincided with an operation by the Justice Department’s Scam Center Strike Force, which seized Xinbi-linked infrastructure and cryptocurrency wallets and restrained more than $52 million in laundered funds on the same day the OFAC designation was announced. Pairing a Treasury sanctions action with a same-day law enforcement seizure is a coordination pattern the two agencies have used repeatedly against scam-facilitation networks: the sanctions cut the network off from the U.S. financial system, while the seizure targets the technical infrastructure directly. Treasury’s release did not disclose the dollar value of the wallets seized in the operation or further operational detail about the strike force’s action.
The Legal Authority Behind the Designation
Treasury designated Xinbi Guarantee, SafeW Technology and Anwen Technology under Executive Order 13581, which blocks property of transnational criminal organizations, as amended by Executive Order 13863. The release also ties the action to Executive Order 14390, “Combating Cybercrime, Fraud, and Predatory Schemes Against American Citizens,” which President Trump signed on March 6, 2026. Treasury’s announcement places the Xinbi Guarantee designation inside a longer sequence of related actions against the same scam-center ecosystem: OFAC designated the Prince Group transnational criminal organization in October 2025 and again on June 23, 2026; the Treasury’s Financial Crimes Enforcement Network issued a final rule under Section 311 targeting the Huione Group in October 2025 and proposed an amendment to that rule in June 2026; and the United Kingdom’s Foreign, Commonwealth and Development Office sanctioned Xinbi separately on March 26, 2026.
What the Sanctions Actually Block
An OFAC designation freezes any U.S.-based assets belonging to the designated parties and generally bars Americans from doing business with them, cutting Xinbi Guarantee and its two affiliates off from U.S. banks, exchanges and payment processors. It does not, on its own, return money already lost to scams that moved through the platform before the designation took effect, and it does not shut down every scam operation that may have used the marketplace — only the marketplace’s own access to U.S.-linked financial infrastructure. Treasury’s release presents the designation as one part of a continuing effort against scam-center networks rather than the close of the case, consistent with the string of related U.S. and U.K. actions against the same network dating back to October 2025.
The Marketplace Treasury Says Moved Scam Proceeds
Treasury’s sanctions describe a marketplace built for moving stolen funds along once a scam has already succeeded — the exact point where speed and a clear record of what happened matter most for anyone trying to recover money or lock down an account afterward.
The Senior Fraud Defense & First-Hour Recovery Kit includes the family code word and a fraud evidence and report log, for keeping a household’s own scam-response steps organized in one place.
See the fraud evidence and report log in The Senior Fraud Defense & First-Hour Recovery Kit.
This article was produced with AI assistance and checked against the primary source linked above.
Warren Cohen is a finance writer based in Phoenix, Arizona, covering personal finance topics including credit, banking, and beginner investing. He earned his degree in business administration from Arizona State University and began his career working in consumer finance, where he gained direct experience with lending and credit systems. He now writes for personal finance websites and fintech platforms, focusing on clear, practical content that helps readers make informed financial decisions.
