Treasury Sanctions Chinese Transnational Criminal Organization Behind Cyber Scams Targeting U.S. Citizens

Washington: Today, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned the Transnational Criminal Organization (TCO) known as Xinbi Guarantee, a Chinese-language platform extensively used by Chinese cybercriminals. This platform operates a large illicit online marketplace supporting cyber scams, fraud, money laundering, and other criminal activities targeting Americans. OFAC also designated two entities that support Xinbi Guarantee's core operations by providing digital currency and other financial services. This action aligns with the Department of Justice's Scam Center Strike Force (SCSF), which has seized infrastructure and digital asset wallets utilized by Xinbi Guarantee. According to the U.S. Department of the Treasury, scam centers in Southeast Asia steal billions from American victims annually, as stated by Secretary of the Treasury Scott Bessent. The Trump Administration is committed to dismantling these overseas criminal enterprises, with the Treasury continuing to use its tools to disrupt networks behind this fraud and protect Americans. These actions are part of President Trump's Executive Order (E.O.) 14390 of March 6, 2026, titled "Combating Cybercrime, Fraud, and Predatory Schemes Against American Citizens." This order directs the U.S. Government to employ every available tool to stop foreign-backed criminal networks exploiting vulnerable Americans through cybercrime, cyber-enabled fraud, and extortion. The current action further showcases OFAC's coordination with the Homeland Security Task Force and National Coordination Center. Today's designations build on previous OFAC actions against the Prince Group Transnational Criminal Organization (Prince Group TCO) and related persons in October 2025, and June 23, 2026. They also follow the Treasury's Financial Crimes Enforcement Network (FinCEN)'s October 2025 Huione Group section 311 final rule and its subsequent June 2026 proposed amendment. This action aims to identify illicit marketplaces and highlight the risk s posed by their money laundering activities. Additionally, this action underscores close cooperation between the United States and the United Kingdom to combat scam operations. OFAC's actions complement the United Kingdom's Foreign, Commonwealth, and Development Office's (FCDO) March 26, 2026 sanctions action against Xinbi. OFAC's action is pursuant to E.O. 13581 (Blocking Property of Transnational Criminal Organizations), as amended by E.O. 13863. Xinbi Guarantee's platform serves as a central node connecting transnational criminal syndicates with merchants providing financial services, technology, and other goods supporting criminal operations. Xinbi Guarantee's platform has reportedly been used by North Korean hackers and several OFAC-designated entities, including Jin Bei Group Co., Ltd. and entities part of the Prince Group TCO. Since its inception around 2022, Xinbi Guarantee's marketplace has processed over $24 billion in digital assets and fiat currency, primarily facilitating transactions in Sout heast Asia. OFAC is also targeting Southeast Asia-based application development companies supporting Xinbi Guarantee's illicit operations. As law enforcement scrutiny increased, Xinbi Guarantee began migrating its networks to SafeW, an encrypted messaging application developed by Singapore-based SafeW Technology Co., Ltd. Simultaneously, Xinbi Guarantee launched XinbiPay, a cryptocurrency payment and digital wallet application developed by Cambodia-based Anwen Technology Co., Ltd. As a result of today's action, all property and interests in property of the designated persons in the U.S. or under the control of U.S. persons are blocked and must be reported to OFAC. Unless authorized by a general or specific license, OFAC's regulations generally prohibit all transactions involving any property or interests in property of designated or otherwise blocked persons. Violations of U.S. sanctions may lead to civil or criminal penalties on U.S. and foreign persons. OFAC may impose civil penalties for sanctions viola tions on a strict liability basis. Financial institutions and other persons risk exposure to sanctions for engaging in transactions involving designated or blocked persons. Non-U.S. persons are also prohibited from causing U.S. persons to violate U.S. sanctions, or from engaging in conduct that evades U.S. sanctions. The power and integrity of OFAC sanctions derive from OFAC's ability to designate and add persons to the Specially Designated Nationals and Blocked Persons List (SDN List), and its willingness to remove persons from the list consistent with the law. Sanctions aim to bring about positive behavior change, not to punish. For more information on the removal process from an OFAC list, refer to the "Filing a Petition for Removal from an OFAC List" page on OFAC's website.