$500B Scam Epidemic Sparks FATF Plan as Binance Exits EU

Giles Thomson, the new President of the Financial Action Task Force (FATF), has unveiled a plan to combat the global surge in scams, estimated to cost $500 billion annually. The FATF will draw up an action plan between now and October before issuing new recommendations in February 2027.

The announcement came at the launch of the FATF's 2026-2028 Roadmap on Combatting Fraud. Thomson emphasized the need for a concerted effort to tackle the epidemic, which he likened to 'a pandemic' that requires immediate attention and collective action.

In related news, Binance, the world's largest crypto exchange, has cut off services in many EU countries after failing to secure a MiCA licence.

The FATF's plan includes drawing up an action plan between now and October before issuing new recommendations in February 2027. This move is part of the organization's efforts to combat scams globally.