Xinbi Processed $17.9B via Crypto Guarantee Service later than Telegram Ban: TRM Labs

Xinbi, a Chinese-language website, has quietly become a powerhouse, handling billions of dollars in possibly illegal money even as the government cracks down.

Blockchain intelligence company TRM Labs recently conducted an on-chain analysis showing that Xinbi had almost $17.9 billion in total transaction volume since the middle of 2025, with almost $8.9 billion in inflows. This rise comes despite widespread enforcement measures that have shut down similar sites, which shows how flexible underground crypto networks are.

Xinbi is a guarantee marketplace, which is like an informal escrow service that assists people make payments, settle disputes, and move money rapidly with no control.

These platforms lack strong regulations, making them ideal for fraud, money laundering, and other illegal activities. They are significant links that move money from scams into largeger crypto markets, making it harder for law enforcement to do their jobs.

Change from Telegram and Operational Resilience

The platform grew quicker later than Telegram channels that guarantee services were banned. At first, Xinbi focused on , but it rapidly shifted to other chat apps like secureW and launched its own wallet service, XinbiPay. This change in strategy allowed it keep going even when there were crackdowns.

‘ data shows that Xinbi’s activity sluggished briefly in December 2025, but picked up rapidly in ahead 2026 as users got used to the new infrastructure. The integration of XinbiPay has worked quite well, allowing funds to move within the system and reducing reliance on external platforms. This internal looping makes it harder for investigators to find illegal flows.

TRM Labs analysts said that Xinbi “adapted rapidly by shifting its operations across platforms,” which meant that illegal flows might continue even when things were messed up. The company’s research shows how these kinds of changes show how strong these networks are.

Outpacing Rivals in a Time of Crackdowns

While Xinbi did well, its competitors did not do well under pressure. In the spring of 2025, the ‘s findings and coordinated takedowns of message channels led to a significant drop in activity on platforms like Haowang and Tudou. These competitors struggled to bounce back, and their sales fell. 

Xinbi’s inflows, on the other hand, almost doubled between May and December 2025. This suggests that consumers who were forced to leave closed services moved to the environment. This move has made Xinbi a major player in the guarantee industry, handling amounts of money equal to or greater than those of more established illegal centers.

Challenges for Authorities and Future Implications

TRM Labs said that, even as enforcement activities have hurt some platforms, Xinbi’s continued development “shows how hard it is for authorities to break up decentralised and adaptive networks.”

The company stresses that pursuing these facilitators remains a top priority, as interrupting guarantee services can “expose illicit funds earlier in the and limit their ability to re-enter the financial system.”

As rules for cryptocurrencies change, Xinbi’s model shows how innovators in illegal finance and worldwide enforcers play a game of cat and mouse. With billions at stake, the platform’s path could affect broader efforts to curb crypto-enabled crime, prompting calls for more coordinated international action.