The U.S. Treasury Department has sanctioned Xinbi Guarantee, an online marketplace that authorities allege was used for money laundering, cyber fraud, and illegal services linked to criminal networks.
According to U.S. officials, the platform processed approximately $24 billion in transactions since its launch in 2022, with a significant portion of its activity involving cryptocurrency-related payments.
Authorities said Xinbi Guarantee operated as an underground marketplace where users could access various illicit services, including cybercrime-related activities and financial fraud operations. The platform reportedly relied heavily on cryptocurrency transactions and Telegram-based communications to facilitate its activities.
U.S. officials also alleged that the network had connections with money laundering groups and North Korean cyber actors, highlighting growing concerns over the use of digital assets in cross-border criminal operations.
Alongside the sanctions, U.S. law enforcement agencies have seized or taken control of approximately $52 million worth of cryptocurrency connected to the network as part of the broader investigation.
The action reflects the continued efforts by U.S. authorities to target crypto-related criminal infrastructure while increasing pressure on platforms suspected of facilitating illicit financial flows.
The case also highlights a broader challenge for the cryptocurrency industry: balancing the benefits of open digital financial systems with the need for stronger compliance measures to prevent abuse.
