TRM Labs Reports Xinbi's Resilience in Crypto Transactions

Key Takeaways:

Xinbi handled $17.9 billion in transactions despite the ban.
No leadership details found for Xinbi’s operations.
Stablecoin inflows observed beyond 2025 crackdown.

Xinbi, a Chinese-language crypto escrow service linked to scams, processed $17.9 billion in transactions despite a Telegram ban in 2025, according to TRM Labs’ report.

The persistence of Xinbi’s activity highlights challenges for regulators, suggesting that bans may not effectively curtail illicit financial operations, prompting concerns about cybercrime’s evolving infrastructure.

Xinbi, a Chinese-language crypto guarantee service, linked to money laundering activities, reportedly processed $17.9 billion in on-chain volume following a Telegram ban in 2025, according to TRM Labs’ analysis. The report highlights persistent crypto activity post-regulatory measures. Xinbi has been central to scam operations within the crypto space, as stated by TRM Labs’ Ari Redbord. The reports indicate no identified leadership linking Xinbi to founders or executive members, emphasizing the entity’s obscured operational framework.

Despite regulatory actions, Xinbi’s activity continues to affect the crypto market by facilitating large volumes of transactions. Telegram’s ban didn’t deter the service, which saw increased transaction volumes post-ban, demonstrating resilience in adapting to changing regulations. The financial implications are substantial, with a reported $8.4 billion in stablecoin receipts tied to scams. This underscores challenges faced by financial regulators attempting to curb illicit crypto operations amid evolving technological measures from service providers. A relevant observation from the 2026 Crypto Crime Report provides context to these ongoing issues in the crypto space.

Analysts are observing the potential for further technological adaptations by Xinbi, which may involve new platforms or proprietary technology. The evolution of such services underlines the ongoing tug-of-war between regulatory enforcement and tech innovation in the crypto domain. The report by TRM Labs suggests that platforms like Xinbi might continue to develop new technological infrastructures, underscoring the dynamic nature of crypto-related money laundering networks. This could prompt further regulatory responses to address persistent abuse.

Ari Redbord, Global Head of Policy, TRM Labs, stated, “These services sit at the center of the scam economy,” regarding Xinbi’s role in laundering networks.

TRM Labs Reports Xinbi’s Resilience in Crypto Transactions

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