US Treasury Sanctions Xinbi Guarantee

RegulationDigital Finance
โดย NADA NEWS·US·Read original
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The US Treasury's Office of Foreign Assets Control (OFAC) designated Xinbi Guarantee, a Chinese-language online marketplace, as a significant transnational criminal organization (TCO) on September 9. The Treasury stated that the platform supported cyber fraud and money laundering operations based in Southeast Asia. According to the Treasury, Xinbi Guarantee functioned as an online marketplace connecting operators of fraud sites with providers of financial services, technology, and goods, and also offered escrow services. Since its launch around 2022, the service has processed over $24 billion in transactions combining digital assets and fiat currency, and was also used by North Korean hackers and organizations linked to Prince Group, which is under US sanctions. In addition to Xinbi, OFAC also designated Singapore-based SafeW Technology and Cambodia-based Anwen Technology. Assets of sanctioned individuals within the US are frozen, and transactions with US persons are prohibited.

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OFAC designated SafeW Technology as part of the Xinbi Guarantee sanctions action, freezing US assets and prohibiting US-person transactions.

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