MediumII Cyber Warfare & Critical Infrastructure9 September 2026, Wednesday
US Treasury sanctions Xinbi Guarantee, a Chinese-language illicit marketplace whose volume has reached 24 billion dollars
Supporting companies in Singapore and Cambodia were also designated; the Justice Department seized about 52 million dollars in crypto.
According to a US Treasury statement on 9 September, the Office of Foreign Assets Control added to its sanctions list Xinbi Guarantee, a Chinese-language illicit marketplace whose crypto and cash transaction volume has exceeded 24 billion dollars since 2022. Singapore-based SafeW and Cambodia-based Anwen, which support the marketplace, were also added to the list.
As reported by CoinDesk, the US Justice Department seized about 52 million dollars in crypto; the UK had added Xinbi to its sanctions list in March 2026. Following Huione and Prince Group, the decision shows that pressure on the economy of cyber scam centres in Southeast Asia is continuing. These networks serve both as a money laundering channel and as a governance and human trafficking problem for countries in the region.
Talay assessment
Bottom line
The Xinbi designation confirms that, after Huione and Prince Group, the US is systematically targeting the financial infrastructure of Southeast Asia's scam economy. Sanctions and seizures weaken such marketplaces but do not eliminate them. The most likely path is activity migrating to new platforms while Washington, with allies, keeps up pressure by adding new names.
Likely effects
- Crypto and payment complianceUncertain1–6 months
The listing of support companies increases counterparty screening and compliance burdens for crypto platforms and payment intermediaries operating in the region; the risk of indirect exposure to sanctioned networks grows.
- Southeast Asian governancePositive1–6 months
Targeting companies based in Singapore and Cambodia increases pressure on regional governments to tackle scam centres, money laundering and human trafficking.
Possibilities, ranked
- 1Activity migrates to new platforms65%
Xinbi users and vendors move to similar Chinese-language guarantee marketplaces; total illicit volume recovers quickly.
Watch: Blockchain analytics reports identifying Xinbi volume shifting to similar marketplaces.
- 2Sanctions coverage widens30%
The US and UK add new marketplaces and intermediaries, regional states take parallel steps, and the network's operating costs rise markedly.
Watch: New OFAC designations of scam networks, or domestic action by Singapore or Cambodia against the support companies.
- 3Network effectively collapses5%
Following sanctions and seizures, Xinbi and linked intermediaries cease operating permanently.
Watch: Xinbi transaction volume falling permanently to near zero.
Probabilities are calibrated judgement based on the sources, not measurement, and are revised as new information arrives. Not investment advice.