Nigerian Office Marks Key Entry

Blockchain.com, the UK-based crypto exchange, plans to establish a physical office in Nigeria during Q2 — its fastest-growing market in West Africa. According to Owenize Odia, Blockchain.com’s General Manager for Africa, “Nigeria has taken meaningful steps toward creating a clear framework for crypto.” The move also includes broader expansion plans in Ghana, Kenya, and South Africa.

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Although crypto trading remains restricted in many African countries, several — especially Nigeria and Ghana — are making moves toward formal legal frameworks. Ghana’s central bank released a draft indicating that crypto platforms may be regulated by September 2025. Meanwhile, Kenya continues to research the sector. These developments are crucial to Blockchain.com’s strategy, as regulatory clarity heavily influences expansion decisions.

South Africa Leads Africa’s Crypto Charge

South Africa is quickly becoming the continent’s crypto hub. With strong legal foundations and a business-friendly atmosphere, it has attracted global attention. According to Ben Caselin of VALR, a Johannesburg-based exchange, regulatory transparency is a key draw. As of March 2024, the Financial Sector Conduct Authority (FSCA) had approved 59 licenses, with over 260 applications under review.

Blockchain.com claims over 92 million wallets, 37 million verified users, and $1 trillion+ in total transaction volume globally.

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South African users will now need to provide the sender’s full name, country of residence, and, where applicable, the originating exchange name for deposits. Withdrawal transactions will also require recipient details before they are processed.

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The update will apply only to crypto transfers, leaving trading and other features unaffected.

Missing Information Could Delay or Reverse Transactions

Binance warned that missing transfer details could result in delays or reversal of funds. Starting April 24, users will be required to log in again to continue using their accounts.

This change reflects South Africa’s broader efforts to improve oversight of its fast-growing crypto market. Earlier this month, SARS (South African Revenue Service) mandated that individuals and entities involved in crypto register with the authority, stating that non-compliance is now illegal.

In March, the Financial Sector Conduct Authority (FSCA) issued warnings against two unlicensed firms, Afriinvest and Mutualwealth, for luring investors with unrealistic returns of up to 10,000 rand ($542) per day.

According to Statista, South Africa’s crypto market is expected to generate $278 million in revenue by 2025 and grow at a CAGR of 7.86%, reaching $332.9 million by 2028. In March 2024, FSCA approved licenses for 59 crypto platforms, with over 260 applications still under review.

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