Handling Nearly $18B in Crypto Transactions After Xinbi Ban: TRM Labs
Chinese-language crypto securities marketplace Xinbei has made nearly $18 billion in onchain trading volume despite platform bans and US enforcement actions aimed at cracking down on similar services, according to a new report from TRM Labs.
According to the report, recent attacks have improved — but failed to disrupt — a key layer in the crypto-enabled laundry infrastructure. TRM's analysis shows that after Xinbi banned Chinese-language collateral services clusters in 2025, Xinbi continued to operate on-chain.
The report cited Xinbi's resilience to rapid migration to alternative messaging services and the launch of XinbiPay's linked wallet. Onchain data showed that wallet activity returned in January 2026 as users transitioned to the new setup.
The analytics firm said Xinbei played a central role in illegal money laundering, including fraud operations and pork-cheating schemes by cybercriminals.
The $17.9 billion figure for Xinbi represents the total amount of onchain transactions made by the TRM wallet. This includes inbound, outbound and internal transfers across wallets and purses within the platform.
TRM said the figure does not represent net income or proven illegal profits, and may include the recycling of funds, which is common to underwrite services.
The alleged illegal warranty service Xinbi is consistent with the performance
Ari Redbord, head of policy at TRM Labs, said in a statement to Cointelegraph that services like Xinbi are being adjusted.
“Securities like Xinbi are learning to survive enforcement by diversifying across platforms and building their own infrastructure,” RedBoard said.
“These services sit at the center of the fraud economy,” he said, adding that removing the bait chain would expose all the networks that depend on them.
According to TRM, Xinbi started introducing alternative ways of coordination in 2018. By mid-2025, the enforcement pressure has intensified, laying the groundwork for migration.
The analyst firm said the transition accelerated in January, linked to additional measures on peer-to-peer services and regulated networks.
Related: Crypto Thieves, Fraudsters Loot $370M in January: CertiK
Xinbi has already shown a steady coin flow of more than $8 billion.
Xinbi has been under investigation since 2025. In May, blockchain analytics firm Elliptic reported that wallets connected to Xinbi Guarantee received at least $8.4 billion in stablecoins, an activity linked to money laundering and fraud in Southeast Asia.
The previous report linked Xinbei to a marketplace selling Chinese-language, Telegram-based money transfer services, stolen data, fraudulent tools and other illegal offers.
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