Telegram shuts down thousands of channels related to the cryptocurrency market 'Xinbi Guarantee'

According to CoinDesk citing an Elliptic report, Telegram has closed thousands of channels related to the cryptocurrency market "Xinbi Guarantee". The market is called "Xinbi Guarantee" and has processed over $8.4 billion in suspicious transactions through Tether USDT since 2022, involving activities such as money laundering, fraud, and coercion. Xinbi guarantees registration in Colorado, USA. This platform is listed alongside Huione Group, another major money laundering concern by the US Treasury Department, as the largest Telegram cryptocurrency black market platform.