ZachXBT questions UPay over Xinbi-linked Visa crypto cards

  • ZachXBT questioned UPay over Xinbi’s alleged white-label Visa crypto card arrangement.
  • $52 million-plus in crypto assets was seized from Xinbi by U.S. authorities.
  • OFAC designated Xinbi a major transnational criminal organization on Sept. 9.

ZachXBT has publicly questioned crypto payments and card platform UPay over allegations that sanctioned illicit marketplace Xinbi was permitted to offer Visa crypto cards under a white-label arrangement. He also asked UPay CEO Owen Yang to explain the relationship. Neither UPay nor Yang had publicly responded as of Oct. 2. The development follows the U.S. Treasury Department's Office of Foreign Assets Control (OFAC), the U.S. sanctions authority, designating Xinbi a major transnational criminal organization on Sept. 9 and seizing more than $52 million in crypto assets.

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