Background Xinbi Guarantee, a China‑based cryptocurrency platform, has processed more than $24 billion in digital asset and fiat currency transactions since 2022.
Users can buy and sell a variety of digital assets on the platform, as well as transfer fiat money.
Sanctions Announcement U.S.
Treasury Secretary Scott Bessent announced that the platform is being added to the sanctions list due to allegations of cyber‑fraud and money‑laundering activities.
"They are stealing billions from Americans," Bessent said.
"The Trump administration will continue to target these criminal organizations." Impact and Future As a result of the sanctions, Xinbi Guarantee’s global access will be restricted and users will be prevented from transacting on the platform.
U.S. Treasury Adds Xinbi Guarantee to Sanctions List for $24 Billion Crypto Scam
The U.S. Treasury has placed Xinbi Guarantee, a China‑based crypto platform, on its sanctions list after it processed over $24 billion in digital asset and fiat transactions since 2022, citing cyber‑fraud and money‑laundering activities. The move will block global access and prevent users from transacting on the platform.
Sources
- CNBC-e · baglanti