ZachXBT questioned whether UPay had allowed Xinbi to offer Visa crypto cards on a white-label basis, but the relevant relationship has not been confirmed by a response.
PANews October 2 reported that ZachXBT publicly questioned crypto payments and card-issuing platform UPay, alleging that it may have allowed the sanctioned illicit marketplace Xinbi to offer Visa crypto cards on a white-label basis, and demanded that UPay CEO Owen Yang explain the relationship between the parties. At present, neither UPay nor Owen Yang has publicly responded. Previously,September 9 reported that the U.S. Department of the Treasury's Office of Foreign Assets Control designated Xinbi as a significant transnational criminal organization and seized more than 52000000 USD in crypto assets.
PANews reported that ZachXBT publicly questioned crypto payments and card-issuing platform UPay.
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ZachXBT said UPay may have allowed the sanctioned illicit marketplace Xinbi to offer Visa crypto cards on a white-label basis.
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ZachXBT demanded that UPay CEO Owen Yang explain the relationship between the parties.
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At the time of publication, neither UPay nor Owen Yang had publicly responded.
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The article said that the U.S. Department of the Treasury's Office of Foreign Assets Control had previously designated Xinbi as a significant transnational criminal organization and seized more than 52000000 USD in crypto assets.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
“White-label crypto cards” generally refers to one party providing the underlying card-issuing or payment capabilities while another offers the service to the public under its own brand. The core of this report is ZachXBT's questioning of the relationship between UPay and Xinbi, rather than confirmation that the parties engaged in such cooperation.
Why it matters to readers
If the allegation is true, the incident could involve a relationship between crypto payments, card-issuing services, and a sanctioned organization; however, the original article provides no verifiable cooperation materials, and UPay and Owen Yang have not yet responded.
Beginners should distinguish between a “public allegation” and “factual confirmation” and should not conclude solely from this news that UPay and Xinbi had a white-label partnership.
Risks and unknowns
Whether UPay actually allowed Xinbi to offer Visa crypto cards on a white-label basis has not been confirmed.
The specific relationship between UPay and Xinbi remains unclear.
UPay and Owen Yang have not publicly responded.
The original article does not present cooperation agreements, transaction records, or other verifiable materials.
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White-label crypto cards
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