A Chinese-language crypto guarantee marketplace known as Xinbi processed nearly $18 billion in onchain transaction volume despite platform bans and U.S. enforcement actions, according to a new report from TRM Labs. The analytics firm said the service has played a central role in laundering proceeds for scam operations and cybercrime syndicates.
The Chinese-language crypto guarantee marketplace Xinbi processed nearly $18 billion in onchain transaction volume despite significant enforcement pressure, a report from TRM Labs stated. Recent crackdowns reshaped but failed to dismantle this key layer in crypto-enabled laundering infrastructure.
TRM’s analysis showed Xinbi sustained activity after Telegram banned clusters of similar Chinese-language services. The firm attributed this resilience to rapid migration to alternative messaging services and the launch of an affiliated wallet called XinbiPay.
The $17.9 billion figure reflects gross onchain volume processed by wallets attributed to Xinbi. This includes inflows, outflows, and internal transfers within the platform’s escrow and wallet system.
The analytics firm said the figure does not represent net proceeds or confirmed illicit gains. It may include internal recycling of funds, which is common to guarantee services.
TRM Labs said Xinbi has played a central role in laundering proceeds for scam operations and cybercrime syndicates. This includes pig-butchering fraud schemes.
In a statement, Ari Redbord, global head of policy at TRM Labs, said such services are adapting to survive. “Guarantee services like Xinbi are learning to survive enforcement by fragmenting across platforms and building their own infrastructure,” Redbord said.
“These services sit at the center of the scam economy,” he added, noting that taking them out exposes entire dependent networks. TRM said Xinbi began promoting alternative coordination channels as early as mid-2025.
The transition accelerated in January 2026, coinciding with additional enforcement actions. This followed earlier scrutiny, including a May 2025 report linking Xinbi to at least $8.4 billion in stablecoin flows tied to money laundering.
