PANews reported on February 9th that, according to Cointelegraph, a recent report from TRM Labs shows that cryptocurrency escrow service platform Xinbi still processed $17.9 billion in on-chain transactions after Telegram was banned.

The report points out that Xinbi's rise is attributed to the rapid migration of users to other instant messaging services and the launch of its associated wallet, XinbiPay. On-chain data shows that wallet activity rebounded in January 2026 as users transitioned to the new payment method.