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Hongji Feng

Author

Hongji Feng

About Author

Hongji is a crypto and tech reporter. He graduated from Northwestern University’s Medill School of Journalism with a Bachelor’s and a Master’s. He has previously interned at HTX (Huobi Global),…

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Last updated: 

June 26, 2025

A Nigerian national pleaded guilty in Boston federal court on June 25 to charges related to laundering funds obtained through online romance fraud, according to a statement from the U.S. Attorney’s Office for the District of Massachusetts.

Charles Uchenna Nwadavid, 35, admitted to mail fraud and two counts of money laundering. Prosecutors said he controlled cryptocurrency accounts used to move victim funds and accessed them remotely from overseas. His sentencing is scheduled for September 23.

Romance Scam Money Laundering Network Tied to Crypto

According to court documents, the scheme ran from 2016 to 2019 and involved six U.S. victims. The individuals were recruited through social media and dating platforms and persuaded to send money under false pretenses, such as medical emergencies or legal fees.

Authorities said one Massachusetts victim unknowingly received funds from five others and then transferred the money to Nwadavid via cryptocurrency.

The transactions were processed through LocalBitcoins, an online peer-to-peer platform. Nwadavid allegedly directed the transfers while abroad using online access credentials.

He was indicted in January 2024 and arrested in April 2025 upon arrival at Dallas-Fort Worth International Airport from the United Kingdom.

Security Company Accused of Moving $123M via Crypto

Australian authorities recently charged four people in connection with an alleged A$190 million (~US$123 million) laundering scheme involving cryptocurrency and a Gold Coast security firm. The group moved illicit funds through courier services and converted them into crypto, blending them with legitimate business revenue.

The network used dead drops in multiple cities and air transport to move cash into Queensland. Some of the funds were funneled through a car dealership and a sales promotion company.

Authorities seized around A$21 million (~US$13 million) in assets, including 17 properties and several vehicles, and carried out 14 search warrants in Brisbane and the Gold Coast.

Law enforcement agencies are expanding cross-border coordination and blockchain surveillance to track crypto-linked fraud. Peer-to-peer platforms and foreign exchanges often limit recovery, especially when victims are used to move funds unknowingly.

Authorities warn that enforcement tools are still catching up. While blockchain data offers visibility, gaps in regulation and technical capacity continue to hinder timely intervention.

Frequently Asked Questions (FAQs)

The Zimbabwean government is trying to use blockchain to reestablish the reliability of the carbon credit market. Transparency concerns have made international investors wary of investing in this market. Meanwhile, Zap Africa is trying to cancel some of the damage caused by FTX and CBEX in the Crypto Exchange landscape. At the international level, proposed taxes on remittances from US immigrants can create opportunities for crypto platforms.

Explore these stories that make up the week’s headlines on the continent.

Zimbabwe Crypto News: Release of Blockchain Carbon Trading Registry

Zimbabwe Carbon Market Authority owns Release Blockchain carbon credit registry to increase transparency in the carbon credit sector. This move comes as governments try to increase the reliability of the carbon market following years of unpredictable policy decisions.

The implementation of blockchain-based systems is directed at restoring investors’ trust in this sector.

The international carbon credit market is growing, with Gulf countries, Western countries and businesses looking to offset some of their carbon emissions with credits from developing countries.

The Zimbabwean government expects the move to be important in enhancing the country’s profile on the international stage.

Explore: 10 Best AI Crypto Coins to Invest in 2025

Nigeria Crypto News: ZAP Africa Reconstruction

Cryptocurrency exchange Zap Africa is I’m watching Reconstructing the reliability of Nigeria’s crypto exchanges.

Co-founder Tobi-Asu Johnson argues that their efforts are driven by damage to the reputation of international exchanges such as FTX and Celsius.

Locally, the collapse of the CBEX exchange left thousands of Nigerians in Limbo, adding more eggs to the face of the industry.

ZAP promotes crypto swaps and exchange services from banks to crypto and crypto, indirectly allowing African investors to be exposed to some 1000x cryptography opportunities. Furthermore, their focus on lower custody is one way to reduce the points of failure in exchange.

Exchange your ciphers with Fiat faster, easier, and at the best speed.

Tell your friends to tell your friends pic.twitter.com/vg4xkued8t

– Zap Africa (@getzapnow) May 14, 2025

Given the bad press created by the collapse of CBEX, this effort must be collaborative and consistent.

Explore: 10 coins with high returns: Crypto Forecast 2025

African Crypto News: 5% Remittance Proposal

The Trump administration is considering it Impressive 5% tax on remittances by non-citizens in the US as part of a broader shift in immigration policy.

Migrant remittances from Africa, Latin America and South Asian countries are major contributors to their respective economies and families.

The proposal could quickly affect countries like Nigeria, where families in their hometown receive billions of dollars in immigrant remittances. Most of these remittances are through digital service providers like PayPal, and could enforce US-directed taxes. This tax could force some immigrants to consider alternatives, boosting some adoption The best code for purchasing including Bitcoin.

(btcusdt)

The code is borderless. As a result, it is difficult for authorities to implement taxes on such transfers. At first glance, this proposal will help to promote the adoption of crypto. This is because more migrants prefer crypto rails than traditional remittance solutions.

Discover: 17 Next Cryptocurrency Explosions in 2025: Experts’ Cryptocurrency Prediction and Analysis

Post Africa Crypto Week of Review: Zimbabwe Blockchain Carbon Registry, Zap Africa Reconstruction Trust in Nigeria, first appeared in 99 Bitcoin.

Nigerian crypto startups remain stable despite a tumultuous year in Africa’s largest market. This assessment is based on statistics related to funding crypto startups. Meanwhile, another “untruthful, the better” crypto platform has been unraveled, leaving potential victims behind. Finally, Wiki Finance Expo will be coming to South Africa in August 2025.

Explore these stories that shape the headlines of this week’s Continental Cryptography.

Explore: Best New Cryptocurrencies to Invest in 2025

Nigeria’s Crypto News: Web3 Company Raises $20 Million in 2024

VC Firm Hashed Emergent Report I’ll check The Nigerian blockchain startup raised at least $20 million in 2024. The report found that Nigeria accounts for around 3% of the world’s blockchain developers. Some of them contributed to the construction Top 1000X Crypto Projects of 2025.

This figure is robust for an industry that faced unprecedented regulatory oversight in 2024. The Nigerian blockchain scene closely monitored the movements by authorities following the public crackdown on vinance, raising concerns about the wider crackdown.

This amount is slightly lower than in 2023, but it reflects important research and innovation in this market. Nigeria offers significant untapped potential for crypto development as the largest crypto market on the continent.

Nigeria and Kenya Crypto News: CBEX Collapse Leaves Victims

The list of suspicious crypto platforms that have collapsed has grown dramatically over the past week. CBEX claims to be a crypto investment platform; It fell It was sunk with customer funds.

➥Reaction afterwards

The collapse led to widespread rage as long as customers in Ibadan and Kenya began looting Oke-Ado’s CBEX office.

Now people have decided to dig deeper for information about cbex

After that they noticed that CBEX was not registered pic.twitter.com/q1sciozium

– Invincible (@thee_invincible) April 16, 2025

The platform promises an astounding 100% return on investment each month, matching some performance Top Solanamime Coin With the last leg. This claim far outweighs the claims of legitimate investment platforms and could represent an unsustainable business model.

CBEX is currently facing allegations of operation as a Ponzi scheme. Historically, the Ponzi scheme uses new investors’ funds to lure users, leading to a lagpur in which the old investors pay until they reach critical mass, and the operator disappears with the user’s funds.

This model appears to be a CBEX story that affects users in Kenya and Nigeria. The collapse has added thousands of users to the unfortunate statistics of crypto fraud victims.

South African Crypto News: Wiki Finance Expo arrives in Johannesburg in August

Wiki Finance Expo will be like that held On August 16th, 2025, in Johannesburg, South Africa. Organizers have booked the Sandton Convention Centre for the event, with the aim of hosting the largest Web3 and Fintech events on the continent.

The event expects up to 10,000 attendees and brings together thousands of leaders from Web3, Fintech, AI, payment systems and related departments to share ideas with the network. Famous guests include Tron’s Justin Sun and Social Media Influencer Marionaufal.

(sauce)

Blockchain and FinTech Summit provide international startup opportunities to enter the growing African market and a platform for local entrepreneurs to showcase their ideas on the international stage.

Discover: 16 Next Cryptocurrency Explosions in 2025: Experts’ Cryptocurrency Prediction and Analysis

Africa’s Cryptography Week after Review: Nigerian crypto companies raised $20 million, and CBEX first appeared in 99 Bitcoin, leaving the exits in Kenya and Nigeria, South Africa.

A Nigerian court has adjourned a tax evasion case against Binance to April 30 to allow the country’s tax authority time to respond to a legal request from the exchange, according to a statement by the company’s legal counsel.

Reuters reported that the Federal Inland Revenue Service (FIRS) is seeking $2 billion in back taxes and $79.5 billion in damages for alleged economic losses resulting from Binance’s activities in Nigeria. 

The agency claims Binance has a “significant economic presence” in the country and should, therefore, be subject to corporate income tax, including payments for 2022 and 2023, along with a 10% annual penalty on unpaid amounts.

Jurisdictional dispute over service of documents

The case has been delayed following Binance’s application to annul a prior court order permitting the service of documents by email.

Binance lawyer Chukwuka Ikwuazom argued that the service was invalid because the FIRS did not obtain judicial leave to serve legal papers outside Nigeria. 

Binance is registered in the Cayman Islands and does not maintain a physical presence in the country.

Ikwuazom defended:

“On the whole, the order for the substituted service as granted by the court on February 11, 2025 on Binance, who is registered under the laws of Cayman Islands and resident in Cayman Islands, is improper and should be set aside.”

The court granted the adjournment to enable the tax authority to respond to Binance’s motion formally. At the next hearing, the FIRS is expected to present arguments supporting the validity of the court-sanctioned substituted service.

Broader legal and regulatory context

The proceedings are part of a wider clampdown by Nigerian authorities on crypto-related platforms, which have been blamed for destabilizing the country’s currency markets.

In 2024, two Binance executives were detained as part of a broader investigation into the exchange’s role in facilitating naira-denominated crypto transactions.

Authorities allege that platforms like Binance have undermined official exchange rates and facilitated capital flight through peer-to-peer markets. 

While Binance is not officially licensed to operate in Nigeria, local users continue to use it to access digital assets and stablecoins.

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