Africa's Cryptocurrency Transactions Soar, Raising Money Laundering Concerns

The intersection of cryptocurrency and online betting is raising concerns about money laundering and regulatory oversight in Africa.

Africa's financial architecture is becoming increasingly digital, with cryptocurrency transactions reaching $205 billion between July 2024 and June 2025, a 52% increase from the previous year, according to Chainalysis.

The use of stablecoins, which provide relative price stability and liquidity, is becoming more prevalent in high-value transactions. However, this also creates risks for money laundering, as criminals can exploit these characteristics to move illicit funds.

The Financial Action Task Force (FATF) has identified peer-to-peer transfers through unhosted wallets as a particular risk, where transactions occur without the involvement of a regulated VASP or financial institution. Cross-chain transactions also create difficulties for controls and tracing.