Guarantee

A Chinese-language cryptocurrency guarantee marketplace known as Xinbi has continued to expand its on-chain activity despite major platform bans and international enforcement efforts aimed at dismantling similar illicit services, according to a new report from blockchain intelligence firm <a href="https://www.trmlabs.com/resources/blog/xinbi-marketplace-remains-active-with-usd-17-9-billion-in-total-volume-despite-enforcement-actions?utm_campaign=Brand-Global_Xinbi-Marketplace-Remains-Active-with-USD-17.9-Billion-in-Total-Volume-Despite-Enforcement-Actions_Blog&amp;utm_medium=media-outreach&amp;utm_source=ari-redbord&amp;utm_campaignname=Brand-Global&amp;utm_activity=Xinbi-Marketplace-Remains-Active-with-USD-17.9-Billion-in-Total-Volume-Despite-Enforcement-Actions&amp;utm_activitytype=Blog" rel="noopener noreferrer nofollow">TRM Labs</a>.
On-chain data shows that Xinbi was largely unaffected by Telegram’s spring 2025 crackdown on Chinese-language guarantee services. Instead of declining, Xinbi’s activity accelerated through late 2025, with total inflows nearly doubling to approximately $8.9 billion during the period.&nbsp;
In contrast, competing platforms Haowang Guarantee and Tudou Guarantee experienced dramatic collapses, with activity falling almost 100% and more than 70%, respectively.
TRM Labs noted that the most significant growth phase occurred in January 2026, coinciding with broader enforcement actions across Southeast Asia.&nbsp;
These included the shutdown of Tudou Guarantee and the arrest of Prince Group chairman Chen Zhi, who allegedly relied on services such as Huione Pay and Haowang Guarantee to launder funds linked to large-scale scam compound operations.
Xinbi appears to have adapted quickly to mounting pressure. The marketplace has reportedly migrated operations away from Telegram to a lesser-known secure messaging platform called SafeW, while simultaneously launching a new affiliated wallet service, XinbiPay.&nbsp;
Investigators believe Xinbi operates from the Golden Triangle region, spanning parts of Myanmar, Thailand, and Laos, a known hub for cybercrime and scam syndicates.
According to TRM’s analysis, wallets associated with Xinbi have received roughly $8.9 billion and processed nearly $17.9 billion in total transaction volume to date, underscoring its role as a major facilitator in crypto-enabled money laundering.
Guarantee services like Xinbi occupy a critical layer in illicit financial ecosystems. They function as informal escrow providers, wallet services, and marketplaces that connect buyers, sellers, and money mule networks with minimal due diligence. This structure makes them particularly attractive to scam operators and cybercriminal groups.
TRM Labs emphasized that targeting guarantee services remains one of the most effective strategies for disrupting <a href="https://hash.media/hashdesk/bithumb-says-it-recovered-the-bitcoin-sent-in-a-promo-error/" rel="noopener noreferrer nofollow">crypto-enabled</a> crime, as removing these facilitators forces illicit actors to move funds through more traceable channels.
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Chinese Crypto marketplace Xinbi grew despite enforcement actions

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