PANews reported on October 2 that ZachXBT publicly questioned the crypto payment and card-issuing platform UPay, alleging that it may have allowed the sanctioned illegal marketplace Xinbi to offer Visa crypto cards on a white-label basis, and demanded that UPay CEO Owen Yang explain the relationship between the two parties. Neither UPay nor Owen Yang has publicly responded so far.
Earlier, on September 9 , the U.S. Treasury Department's Office of Foreign Assets Control designated Xinbi as a significant transnational criminal organization and seized more than $52 million in crypto assets from Xinbi.