OFAC targets TCO's operating cyber scam centers

OFAC imposed blocking sanctions on three entities (one in Burma/Thailand; one in Singapore; one in Cambodia) under its Transnational Criminal Organization sanctions program (E.O. 13581) for operating and materially supporting a Chinese-language illicit marketplace used by scam centers, money launderers, and North Korean hackers to defraud Americans. The lead designee, Xinbi Guarantee, has processed over $24 billion in digital assets and fiat since 2022 and absorbed much of Huione Pay's customer base after FinCEN's Section 311 action; Singapore-based SafeW Technology and Cambodia-based Anwen were designated for building the encrypted-messaging and crypto-wallet infrastructure that migrated Xinbi's merchant and money-laundering networks.