US Treasury Department imposes sanctions on cyber fraud platform Xinbi Guarantee

In a statement from the US Treasury Department, it was reported that the Office of Foreign Assets Control (OFAC) imposed sanctions on Xinbi Guarantee, a Chinese platform used to support cyber fraud, money laundering and other criminal activities targeting Americans.

It was stated in the statement that Xinbi Guarantee operates a large and illegal online marketplace, and that the platform is used extensively by Chinese cybercriminals.

In the statement, it was reported that OFAC also added two organizations that support the platform's activities by providing digital currency and other financial services to its sanctions list.

In the statement, it was stated that Xinbi Guarantee has carried out over 24 billion dollars of digital asset and fiat money transactions through its platforms since 2022, and it was stated that the messaging application and XinbiPay crypto wallet were used in the platform's activities.

US Treasury Secretary Scott Bessent, whose evaluations were included in the statement, stated that fraud centers in Southeast Asia steal billions of dollars from American victims every year.

Emphasizing that US President Donald Trump's administration is acting in unity to eliminate these criminal organizations, Bessent said, "The Treasury Department will continue to use its tools to destroy the networks behind this fraud and protect Americans." he said.