The United States has imposed sanctions on a new coin guarantee platform, targeting two associated entities and 52 cryptocurrency addresses.

On September 9, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on Xinbi Guarantee, alleging that the platform was widely used by cybercriminals to facilitate online scams, fraud, money laundering, and other criminal activities targeting U.S. persons. OFAC added Xinbi Guarantee, 52 associated cryptocurrency addresses, and two companies that provided critical support to it to the sanctions list.

link: https://home.treasury.gov/news/press-releases/sb0624/

Sanction details

The U.S. Department of the Treasury stated that NewCoin Guarantee operates an illegal online marketplace, serving as a central hub that connects transnational criminal organizations—including operators of fraud schemes—with merchants providing financial services, technology, and other resources that support criminal activities. Fraud networks use this platform to procure various services, complete transactions, and carry out online crimes such as financial fraud, while NewCoin Guarantee provides escrow guarantee services within the platform to fraudsters, money laundering networks, and cybercrime groups.