The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury sanctioned on Wednesday, the 9th, the so-called “Transnational Criminal Organization” Xinbi Guarantee. The Chinese platform, according to the Treasury, is widely used by cybercriminals who operate a large illicit online marketplace for cyber scams, fraud, money laundering and other criminal activities targeting Americans.
OFAC also sanctioned two entities that support Xinbi Guarantee’s core operations by providing digital currency and other financial services. The action was carried out in coordination with the Department of Justice’s Scams Strike Force (SCSF), which on Wednesday seized infrastructure and digital asset wallets used by Xinbi.
“Cybercrime hubs in Southeast Asia steal billions of dollars from American victims each year,” said the Secretary of the Treasury, Scott Bessent. “The Trump administration is united in its efforts to dismantle these criminal enterprises abroad, and the Treasury will continue using its tools to disrupt the networks behind this blatant fraud.”
Earlier, the Chinese Ministry of Commerce stated that it “strongly opposes” the accusations made by the United States against Chinese artificial intelligence (AI) companies, after U.S. authorities released a joint statement with protective recommendations for U.S. companies.
