Xinbi processes $17.9B in on-chain trades despite sanctions

Chinese-language cryptocurrency platform Xinbi has processed approximately $17.9 billion in on-chain transactions despite Telegram sanctions and a U.S. crackdown, Cointelegraph reported, citing a report from blockchain analytics firm TRM Labs. According to the report, Xinbi immediately shifted its operations to other messaging platforms after its Telegram channels were blocked in 2025, sustaining its ecosystem by launching its own crypto wallet, "XinbiPay." This activity suggests the platform functions as a primary conduit for laundering proceeds from cybercrime and phishing scams, the report explained. Since 2025, Xinbi has been suspected of links to a Telegram-based black market involved in money laundering, the trade of personal information, and the sale of illegal tools.