Treasury named the Chinese-language marketplace along with SafeW, the encrypted messenger Xinbi moved onto in 2025, and Anwen, which built its XinbiPay wallet. OFAC puts the platform's lifetime flow above $24 billion.
The US Treasury sanctioned Xinbi Guarantee on September 9, and it did not stop at the marketplace. The Office of Foreign Assets Control also designated SafeW Technology, a Singapore-registered developer of an encrypted messaging app, and Anwen Technology, a Cambodia-based company that built the wallet Xinbi's users paid one another through.
Xinbi Guarantee is a Chinese-language online marketplace that has operated largely in Southeast Asia since around 2022. OFAC says it has handled “the equivalent of over $24 billion in digital assets and fiat currency” across that period. Treasury ties the platform to scam center operations in the region and to money laundering networks, and says it “has reportedly been used by North Korean hackers and by several OFAC designated entities.” Reportedly is Treasury's own word there, and the announcement does not set out what it rests on.
“Scam centers in Southeast Asia steal billions of dollars from American victims each year,” Treasury Secretary Scott Bessent said in the announcement. The designations run under Executive Order 13581, which blocks the property of transnational criminal organizations, as amended by Executive Order 13863, and under Executive Order 14390, signed on March 6, 2026, which covers cybercrime and fraud schemes aimed at Americans.
The two technology designations are the part worth reading closely. Treasury says Xinbi moved its operations onto SafeW's encrypted messaging app around June 2025 and used it to coordinate between buyers and sellers, and that Anwen's wallet, shipped under the names XinbiPay and NewPay, launched alongside that migration to handle crypto payments. The marketplace listing blocks one venue. The other two reach the messaging and payment software that ran on top of it.
SafeW and Anwen are, on paper, ordinary software companies: a messaging app developer registered in Singapore, a wallet developer registered in Cambodia. Neither is a financial institution, and neither product is unusual in itself. Encrypted messengers and crypto payment wallets are common tools with entirely legitimate users. The designations rest on the specific relationship OFAC describes between these two products and one marketplace, not on the category of software they belong to.
The $24 billion figure needs the same care. It covers everything Treasury says moved through the marketplace since 2022, described as the equivalent value of digital assets and fiat currency handled by the platform. It is not a measure of what victims lost, and it is not funds traced to any single scheme. The distinction matters because the number tends to get quoted as though it were a fraud total.
Britain reached Xinbi first. The Foreign, Commonwealth and Development Office designated the marketplace earlier this year, in what was then the first government-level sanctions action against the infrastructure beneath Southeast Asia's pig-butchering industry. The British designation cited $24.2 billion in illicit transactions. Treasury's figure of over $24 billion since around 2022 sits alongside it. Neither government has published the analysis behind its total, so the two should not be read as independent measurements of the same activity.
The Xinbi listing follows Treasury actions against Prince Group and Huione Group and was coordinated with the Justice Department's Scam Center Strike Force, CoinDesk reported.
A designation blocks any property the named parties hold under US jurisdiction and bars US persons from dealing with them. It does not take a website offline and it does not reach property beyond those limits. What it changes is the position of every regulated intermediary that might otherwise have handled the named parties' funds, which is where the effect of the two software listings will show up, if it shows up anywhere.
The enforcement picture has been filling in all year. Dubai Police and the Justice Department arrested 276 people in a coordinated takedown of nine crypto scam centers in April. The FBI's annual crime report put American losses to crypto fraud at $11.4 billion in 2025, with victims over 60 accounting for $4.4 billion of that. OFAC has widened its crypto reach in other directions as well, taking a determination in August that exposes any firm serving Iran's crypto sector to designation.
OFAC's listing names Anwen's wallet as XinbiPay and NewPay and dates its launch to the same period as the move onto SafeW. The case against both software companies rests on that sequence.
