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{"actor":"system:backfill","investigation_id":"3cc0429e-ec7e-404f-9e16-fb08e210271c","kind":"publish","page_slug":"upay","published_at":"2026-10-04T04:04:16.408Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"UPay","sections":[{"content":"On October 2, 2026, blockchain investigator ZachXBT publicly asked UPay why it appeared the company had 'potentially allowed Xinbi (sanctioned illicit marketplace) to whitelabel its Visa crypto card with you.' ZachXBT described Xinbi as a platform supporting 'pig butchering, fraud, money laundering, and human trafficking.' UPay is a payments platform that, according to its own public materials, offers crypto payment cards and white-label/API card-issuance services to partners, which is the capability ZachXBT's question centers on. Multiple crypto news outlets reported the exchange the same day. As of early October 2026, no outlet reporting on the allegation has published on-chain or documentary evidence confirming that Xinbi actually issued or launched a card through UPay; the claim remains an open allegation raised publicly by a known on-chain investigator, not a confirmed finding. This should be treated as alleged pending the outcome of UPay's internal investigation or independent verification.","heading":"Allegation: Possible White-Label Card Relationship with Sanctioned Xinbi","severity":"high","sources":[{"credibility":2,"name":"UPay Opens Internal Investigation After ZachXBT Questions Sanctioned Xinbi Ties","type":"news_article","url":"https://www.cryptotimes.io/2026/10/03/upay-opens-internal-investigation-after-zachxbt-questions-sanctioned-xinbi-ties/"},{"credibility":2,"name":"ZachXBT questions whether UPay provided white-label crypto cards for Xinbi","type":"news_article","url":"https://panews.io/articles/01a0fcbd-6bad-748c-8f93-35a957b07a67"},{"credibility":2,"name":"ZachXBT Questions Whether UPay Enabled Xinbi Visa Crypto Card","type":"news_article","url":"https://www.tokenpost.com/news/business/26389"},{"credibility":2,"name":"ZachXBT Questions UPay Over Alleged Ties to Sanctioned Xinbi","type":"news_article","url":"https://phemex.com/news/article/zachxbt-questions-upay-over-alleged-whitelabel-card-services-for-sanctioned-xinbi-marketplace-98611"}]},{"content":"UPay CEO Owen Yang responded to ZachXBT's public question on October 2, 2026, stating he had not seen ZachXBT's earlier private message because he 'didn't open the chat before' and that notifications had failed, adding: 'We already started internal investigation. Will update soon.' Yang's statement, as reported, neither confirmed nor denied a business relationship between UPay and Xinbi, and did not specify the scope of the internal review. As of the time of this report, no further public update from UPay or Yang confirming or clearing the allegation had been identified.","heading":"UPay's Response","severity":"medium","sources":[{"credibility":2,"name":"UPay Opens Internal Investigation After ZachXBT Questions Sanctioned Xinbi Ties","type":"news_article","url":"https://www.cryptotimes.io/2026/10/03/upay-opens-internal-investigation-after-zachxbt-questions-sanctioned-xinbi-ties/"},{"credibility":2,"name":"ZachXBT questions whether UPay provided white-label crypto cards for Xinbi","type":"news_article","url":"https://panews.io/articles/01a0fcbd-6bad-748c-8f93-35a957b07a67"}]},{"content":"On September 9, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated Xinbi Guarantee as a significant transnational criminal organization under Executive Order 13581, as amended by E.O. 13863. OFAC stated Xinbi operated a Chinese-language illicit online marketplace that supported cyber scams, fraud, money laundering, and other criminal activity targeting Americans, and that the platform had processed the equivalent of over $24 billion in digital assets and fiat currency since roughly 2022. OFAC simultaneously designated two supporting entities: Cambodia-based Anwen Technology Co., Ltd., developer of the XinbiPay/NewPay wallet, and Singapore-based SafeW Technology Co., Ltd., developer of the SafeW encrypted messaging app. Fifty-two TRON blockchain addresses tied to Xinbi were added to the Specially Designated Nationals (SDN) list. The same day, the Department of Justice's Scam Center Strike Force announced the seizure of more than $52 million in related crypto assets and platform infrastructure. The U.S. action followed a similar designation of Xinbi by the United Kingdom's Foreign, Commonwealth and Development Office on March 26, 2026. This background is included because it establishes why any white-label relationship with Xinbi would constitute a serious sanctions-exposure risk for a card-issuing payments provider such as UPay; it does not by itself implicate UPay.","heading":"Background: Xinbi Guarantee's OFAC Sanctions Designation","severity":"critical","sources":[{"credibility":1,"name":"Treasury Cracks Down on Transnational Criminal Organization Behind Cyber Scam Operations Targeting Americans (OFAC/Treasury bulletin)","type":"regulatory","url":"https://content.govdelivery.com/accounts/USTREAS/bulletins/4292fd7"},{"credibility":1,"name":"Dismantling Transnational Criminal Organization Xinbi Guarantee - U.S. Department of State","type":"regulatory","url":"https://www.state.gov/releases/office-of-the-spokesman/2026/09/dismantling-transnational-criminal-organization-xinbi-guarantee"},{"credibility":2,"name":"The US Sanctions Xinbi, One of Southeast Asia's Largest Illicit Crypto Marketplaces","type":"research","url":"https://www.trmlabs.com/resources/blog/the-us-sanctions-xinbi-one-of-southeast-asias-largest-illicit-crypto-marketplaces"}]},{"content":"As of early October 2026, reporting on this matter consistently notes that no public evidence has established that Xinbi actually launched, issued, or used a UPay-branded or UPay-issued Visa card, nor has UPay published findings from its internal investigation. The risk signal for AVOID.NET users is the alleged existence of a white-label relationship between a consumer-facing card-issuing payments platform and an entity later designated as a sanctioned transnational criminal organization, combined with UPay's apparent initial unresponsiveness to a private inquiry before the allegation became public. This entry will be updated if UPay publishes investigation results, if regulators take action, or if on-chain evidence substantiates or refutes the alleged relationship.","heading":"Unresolved Questions and Lack of Confirmation","severity":"medium","sources":[{"credibility":2,"name":"ZachXBT Questions Whether UPay Enabled Xinbi Visa Crypto Card","type":"news_article","url":"https://www.tokenpost.com/news/business/26389"},{"credibility":2,"name":"ZachXBT questions whether UPay provided white-label crypto cards for Xinbi","type":"news_article","url":"https://panews.io/articles/01a0fcbd-6bad-748c-8f93-35a957b07a67"}]}],"sources_used":[{"credibility":2,"name":"UPay Opens Internal Investigation After ZachXBT Questions Sanctioned Xinbi Ties","type":"news_article","url":"https://www.cryptotimes.io/2026/10/03/upay-opens-internal-investigation-after-zachxbt-questions-sanctioned-xinbi-ties/"},{"credibility":2,"name":"ZachXBT questions whether UPay provided white-label crypto cards for Xinbi","type":"news_article","url":"https://panews.io/articles/01a0fcbd-6bad-748c-8f93-35a957b07a67"},{"credibility":2,"name":"ZachXBT Questions Whether UPay Enabled Xinbi Visa Crypto Card","type":"news_article","url":"https://www.tokenpost.com/news/business/26389"},{"credibility":2,"name":"ZachXBT Questions UPay Over Alleged Ties to Sanctioned Xinbi","type":"news_article","url":"https://phemex.com/news/article/zachxbt-questions-upay-over-alleged-whitelabel-card-services-for-sanctioned-xinbi-marketplace-98611"},{"credibility":1,"name":"Treasury Cracks Down on Transnational Criminal Organization Behind Cyber Scam Operations Targeting Americans (OFAC/Treasury bulletin)","type":"regulatory","url":"https://content.govdelivery.com/accounts/USTREAS/bulletins/4292fd7"},{"credibility":1,"name":"Dismantling Transnational Criminal Organization Xinbi Guarantee - U.S. Department of State","type":"regulatory","url":"https://www.state.gov/releases/office-of-the-spokesman/2026/09/dismantling-transnational-criminal-organization-xinbi-guarantee"},{"credibility":2,"name":"The US Sanctions Xinbi, One of Southeast Asia's Largest Illicit Crypto Marketplaces","type":"research","url":"https://www.trmlabs.com/resources/blog/the-us-sanctions-xinbi-one-of-southeast-asias-largest-illicit-crypto-marketplaces"}],"summary":"UPay is a Dubai-based crypto payments platform offering a wallet app and Visa-branded crypto card, including white-label card issuance services for partners. On October 2, 2026, blockchain investigator ZachXBT publicly questioned whether UPay had allowed Xinbi Guarantee, a Chinese-language illicit marketplace designated by the U.S. Treasury's OFAC on September 9, 2026 as a transnational criminal organization, to white-label a Visa crypto card through UPay. UPay CEO Owen Yang confirmed an internal investigation had begun but did not confirm or deny a relationship with Xinbi, and no public evidence has yet established that Xinbi issued or launched a card through UPay.","timeline":[{"date":"2026-03-26","date_evidence":"Coordinated with U.K. Foreign, Commonwealth, and Development Office (March 26, 2026 action)","event":"United Kingdom's FCDO sanctions Xinbi, preceding the later U.S. action","source":"Treasury/OFAC bulletin via govdelivery.com","source_url":"https://content.govdelivery.com/accounts/USTREAS/bulletins/4292fd7"},{"date":"2026-09-09","date_evidence":"Date: September 9, 2026","event":"U.S. Treasury's OFAC designates Xinbi Guarantee as a significant transnational criminal organization, sanctions two affiliated firms (Anwen Technology, SafeW Technology), and adds 52 TRON addresses to the SDN list; DOJ's Scam Center Strike Force seizes over $52 million in related crypto assets","source":"U.S. Treasury/OFAC press bulletin","source_url":"https://content.govdelivery.com/accounts/USTREAS/bulletins/4292fd7"},{"date":"2026-10-02","date_evidence":"October 2, 2026: ZachXBT publicly questioned UPay about Xinbi connection","event":"ZachXBT publicly questions UPay, alleging it may have allowed sanctioned entity Xinbi to white-label a Visa crypto card","source":"CryptoTimes","source_url":"https://www.cryptotimes.io/2026/10/03/upay-opens-internal-investigation-after-zachxbt-questions-sanctioned-xinbi-ties/"},{"date":"2026-10-02","date_evidence":"October 2, 2026 (same day): Owen Yang responded announcing internal investigation","event":"UPay CEO Owen Yang responds publicly, stating he had missed ZachXBT's earlier private message and that an internal investigation had begun","source":"CryptoTimes","source_url":"https://www.cryptotimes.io/2026/10/03/upay-opens-internal-investigation-after-zachxbt-questions-sanctioned-xinbi-ties/"},{"date":"2026-10","date_original":"2026-10-03","event":"Crypto news outlets (CryptoTimes, PANews, TokenPost, Phemex) report on the allegation and UPay's response","source":"CryptoTimes","source_url":"https://www.cryptotimes.io/2026/10/03/upay-opens-internal-investigation-after-zachxbt-questions-sanctioned-xinbi-ties/"}]},"v":1}