Crypto Scams in Senegal
Cryptocurrency fraud is increasing in Senegal as fake exchanges and influencer-promoted tokens target savers with promises of rapid wealth.
Part of: Crypto Scams
Last reviewed: 1 June 2026
Cryptocurrency is gaining traction among Senegalese youth and tech professionals, partly as a hedge against CFA franc devaluations and partly through diaspora influence. This growing interest is exploited by fraudulent platforms promoted on Facebook, YouTube, and Telegram — often featuring well-known Senegalese personalities whose endorsements have been fabricated.
CREPMF has not yet issued a comprehensive crypto regulatory framework for the WAEMU zone, leaving investors with limited formal protection.
How this scam works on Senegal
Fraudulent crypto exchanges are promoted through targeted Facebook advertising and YouTube videos, sometimes including clips of Senegalese public figures edited to appear as endorsements. New users are onboarded smoothly and early 'profits' appear almost immediately. Withdrawing a small amount confirms the platform feels real.
When the user deposits significantly more and attempts a large withdrawal, they are told a tax certificate is required, costing a fee proportional to the balance. After paying, a further requirement appears. The platform eventually becomes inaccessible.
Orange Money and Wave are used as on-ramps — the victim buys crypto with mobile money, which is then deposited into the fraudulent platform — adding a step of irreversibility.
Common red flags
- Crypto platform promoted through Facebook ads featuring Senegalese celebrities
- Platform cannot be found on Coinmarketcap, Coingecko, or any international exchange directory
- Guaranteed daily or weekly percentage returns on crypto holdings
- Withdrawal blocked by a 'certificate fiscal' or 'frais de conformité' fee
- Pressure to recruit others for a commission
- Domain registered very recently or website shows no regulatory information
How to protect yourself
- Use only globally regulated exchanges with verifiable regulatory licences
- Verify any celebrity endorsement through the celebrity's own official accounts
- Make a test withdrawal of a small amount before depositing more
- Report unlicensed crypto investment platforms to CREPMF
- Be extremely sceptical of platforms promoted solely through social media advertising
How to report it
- Report to CREPMF with the platform URL and any transaction records
- File a complaint with the Division Spéciale de la Cybersécurité (DSC)
- Report fraudulent ads to Facebook or YouTube using the platform tools
Frequently asked questions
The platform's website shows real Senegalese public figures — how can I verify if the endorsement is genuine?
Check the public figure's own verified social media accounts for confirmation. Video clips and images used on a platform's own website or ads are frequently edited or taken entirely out of context, so the platform's claim alone should never be trusted.
Is it riskier to use Orange Money or Wave to fund crypto purchases than a bank transfer?
The mobile money transfer itself isn't inherently riskier, but using it to fund a crypto deposit into an unverified platform adds an extra irreversible step. Once mobile money is converted to crypto and deposited, recovering it becomes extremely difficult if the platform turns out to be fraudulent.
Are there regulated crypto services available in Senegal?
WAEMU is developing crypto regulation. Until a clear framework exists, using internationally regulated exchanges is the most prudent option. Avoid platforms operating exclusively in West Africa without international regulatory acknowledgement.