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Crypto fraud surges in Africa as Binance backs tougher regulations

Binance's Global Chief Marketing Officer Rachel Conlan.[James Wanzala, Standard]

Cryptocurrency fraud is rising across Africa, with scammers exploiting regulatory gaps and the rapid adoption of digital currencies.

In Kenya alone, crypto-related crimes led to losses of $120 million (Sh15.4 billion) in 2021, while South Africans lost $99 million (Sh12.7 billion), according to the Global State of Scams report.

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