Xinbi processed nearly $17.9B in crypto transactions, TRM Labs finds

A Chinese-language crypto guarantee marketplace known as Xinbi processed nearly $17.9 billion in on-chain transaction volume despite platform bans and United States enforcement actions aimed at dismantling similar services, TRM Labs found. The $17.9 billion figure reflects gross on-chain transaction volume processed by wallets attributed to Xinbi, covering inflows, outflows and internal transfers within the platform’s escrow and wallet system.

TRM noted this does not represent net proceeds or confirmed illicit gains and may include internal recycling of funds that is common to guarantee services. TRM’s analysis showed Xinbi sustained on-chain activity after Telegram banned clusters of Chinese-language guarantee services in 2025.

The firm attributes the platform’s resilience to rapid migration to alternative messaging services and the launch of an affiliated wallet, XinbiPay, with wallet activity rebounding in January 2026 as users transitioned to the new setup.

United States

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