TRM Labs reports that the Chinese-language crypto guarantee marketplace Xinbi has processed an impressive $17.9 billion in on-chain transaction volume, despite facing platform bans and regulatory pressures. This figure reflects gross on-chain volume, including internal transfers, and does not confirm illicit proceeds. The report highlights how enforcement actions aimed at dismantling such services have reshaped but not entirely dismantled crypto laundering infrastructure.

Following a ban on clusters of Chinese-language guarantee services by Telegram in 2025, Xinbi managed to sustain its on-chain activity. The resilience of Xinbi can be attributed to its rapid migration to alternative messaging platforms and the launch of its affiliated wallet, XinbiPay. On-chain data indicates that wallet activity began to rebound in January 2026, as users adapted to the new setup.

According to TRM, Xinbi has allegedly played a significant role in laundering proceeds for various scam operations and cybercrime syndicates, including notorious pig-butchering fraud schemes. The analytics firm emphasizes that the $17.9 billion figure encompasses all inflows, outflows, and internal transfers within Xinbi’s escrow and wallet system. It stresses that this amount does not represent confirmed illicit gains and may include the internal recycling of funds, a common practice among guarantee services.

In a statement, Ari Redbord, global head of policy at TRM Labs, noted that services like Xinbi are evolving to survive enforcement actions. He remarked, "Guarantee services like Xinbi are learning to survive enforcement by fragmenting across platforms and building their own infrastructure." This adaptability allows such services to remain at the center of the scam economy, and dismantling them could expose entire networks that depend on their operations.

TRM Labs indicated that Xinbi began promoting alternative channels for coordination as early as mid-2025, laying the groundwork for a migration strategy as enforcement pressure increased. The transition accelerated in January 2026, coinciding with additional crackdowns against peer services and arrests linked to laundering networks.

The report also references a previous analysis by blockchain analytics firm Elliptic, which highlighted that wallets associated with Xinbi Guarantee had received at least $8.4 billion in stablecoins related to money laundering and scam activities in Southeast Asia. Xinbi has faced scrutiny since 2025, with regulators keeping a close eye on its operations.

As the crypto landscape continues to evolve, it is evident that services like Xinbi are not going away anytime soon. They are adapting and evolving in response to regulatory pressures, showcasing the resilience of the crypto economy. The ongoing developments surrounding such services reflect a broader trend of adaptation in the face of increased scrutiny and enforcement actions within the cryptocurrency space.