Blockchain.com expands in Africa as local crypto rules take shape

Blockchain.com is expanding its African operations, focusing on nations developing crypto regulations. The UK-based exchange will establish a physical office in Nigeria during Q2 2025, its fastest-growing West African market. Further expansion is planned for Ghana, Kenya, and South Africa. This strategic move aligns with a global shift in crypto sentiment, including supportive signals from the US.

Nigeria and Ghana are leading the way in African crypto regulation. While cryptocurrency trading remains restricted in many African countries, these two nations are actively creating legal frameworks for crypto exchanges. Blockchain.com prioritizes a Nigerian license application, following the recent enactment of a new securities law covering digital assets. Ghana aims to regulate crypto platforms by September 2025, while Kenya is still in the research phase. These regulatory developments are key drivers for Blockchain.com’s expansion.

The company cites Africa’s young population and currency instability as significant factors driving crypto adoption. Blockchain.com boasts 37 million verified users, 92 million wallets, and over $1 trillion in transaction volume. While its valuation fluctuated significantly in 2022 and 2023, experiencing both a substantial increase and subsequent decrease, the company remains committed to its African expansion.

South Africa is also emerging as a significant player, positioning itself as a regional crypto hub. Its robust legal infrastructure and business-friendly environment attract both local and international companies. Regulatory clarity is a major draw, evidenced by the Financial Sector Conduct Authority (FSCA) approving 59 crypto platform licenses by March 2024, with over 260 applications pending review. This regulatory progress, coupled with a young and tech-savvy population, underscores the continent’s potential for crypto growth. Blockchain.com’s expansion reflects this potential and its strategic commitment to operating within a regulated environment.