The Chinese platform Xinbi is reported to have moved around $17.9 billion in on-chain crypto transactions, even under U.S. sanctions and after being banned on Telegram. The company migrated channels, launched XinbiPay, and is pointed out as a link in money laundering schemes related to cyber crimes.
The case reinforces compliance weaknesses in the sector and increases pressure for stricter regulations, especially on wallets, KYC/AML, and messaging apps.
Although it does not directly affect established crypto assets, the episode increases systemic regulatory risk. In the short term, more oversight may generate volatility and institutional caution.