Xinbi, a Chinese-language guarantee marketplace, continues to thrive with approximately $17.9 billion in total transaction volume, despite enforcement actions targeting similar platforms. While competitors like Haowang and Tudou faced severe declines after crackdowns, Xinbi adapted by shifting operations from Telegram to the secure messaging application SafeW and launching the XinbiPay wallet service. These moves are part of a broader trend where guarantee services evolve their infrastructure to withstand regulatory pressure, underscoring their critical role in laundering activities by providing informal escrow and wallet services to cybercrime syndicates.
Xinbi defies enforcement with $17.9B transaction volume amid crackdown
