OFAC Sanctions Chinese Scam Platform Xinbi Guarantee

The US Treasury and UK authorities sanctioned Xinbi Guarantee, a Chinese-language illicit marketplace that facilitated fraud, money laundering and other transnational crime, purportedly processing tens of billions in fiat and crypto; law enforcement and blockchain firms reported freezing cryptoassets, identified supporting services (encrypted messaging and a digital wallet), and observed the marketplace and associated channels being taken offline.