US sanctions platform accused of supporting cyber scam networks

The United States has imposed sanctions on Xinbi Guarantee, a Chinese-language online platform accused of supporting transnational criminal networks involved in cyber scams and money laundering, Report informs, citing the US Department of State.

The US Department of State said the Treasury Department's Office of Foreign Assets Control (OFAC) also sanctioned two entities that supported Xinbi Guarantee's core operations.

According to the State Department, the platform operates an online marketplace used by networks involved in cyber fraud, money laundering and other illicit activities targeting US citizens.

Washington said scam centers operating in Southeast Asia cause billions of dollars in losses to American victims each year.

The sanctions were imposed as part of the US administration's broader efforts to combat cybercrime and fraud targeting Americans.

The measures were taken under executive orders addressing cybercrime and transnational criminal organizations.