Blockchain.com Eyes Africa for Growth as Crypto Regulations Develop

Highlights:

• Blockchain.com is eyeing Africa expansion by focusing on Nigeria, Ghana, Kenya, and South Africa markets.
• Nigeria and Ghana lead Africa’s crypto regulatory progress toward formal licensing.
• In South Africa, the DeFi sector is moving forward rapidly, backed by strong platform licensing.

Blockchain.com is eyeing expansion in Africa by prioritizing areas where authorities have created well-defined crypto regulations. The platform, based in the UK, targets Nigeria, Ghana, Kenya, and South Africa and plans to open its first physical office in Nigeria in the second quarter of this year, according to a Bloomberg report. The decision aligns with increased regulation and increasing interest in crypto throughout the continent.

Nigeria is currently experiencing the fastest growth in West Africa for the company, according to the general manager of the firm’s operations in Africa. Crypto exchanges in Nigeria now have the opportunity to be licensed and regulated under the country’s new securities law. Because of this legal framework, Blockchain.com has chosen to pursue a crypto exchange license in the country

Although there are restrictions on cryptocurrency trading in most African countries, a few are now allowing for formal oversight. Ghana is set to bring out crypto regulations before the end of 2025 after releasing draft guidelines from its central bank. Kenya is still evaluating the asset class before publishing the rules. Meanwhile, South Africa is experiencing fast growth in DeFi and is becoming a key center for crypto activities in the region.

https://t.co/9Ied7k1SjP, a UK-based crypto exchange, is seeking to expand in African nations that have started to institute rules to regulate the industry https://t.co/Hf2S2F8J8N

— Bloomberg (@business) May 27, 2025

Regulatory Progress Spurs Expansion

Blockchain.com sees Africa as a promising region since the continent’s regulatory environment is improving. The company believes that regulatory signals are very important for its expansion plans. Nigeria and Ghana are making positive steps in creating clearer frameworks. Nigeria’s new law on investment encourages digital asset exchanges by providing them with a way to obtain a license to operate.

By creating draft regulations, Ghana signals its plans to bring crypto platforms under regulation, which will likely begin in September 2025. Unlike many African countries, these markets are opening up to new opportunities. Research in Kenya is underway, but a firm decision about how to move forward has not been made yet.

Of all the countries, South Africa tops in granting licenses. Its Financial Sector Conduct Authority granted nearly 60 licenses to crypto platforms by early 2024. About 260 applications are still being evaluated. The market for DeFi has advanced in the country as its total value locked continues to increase at a steady rate. Moreover, payments make up the largest category of use cases, followed by lending and decentralized exchanges.

Market Potential and User Base

The rapid crypto adoption in Africa results largely from having a youthful population and issues like currency instabilities. Blockchain.com is counting on this trend as its user base develops. The website of the exchange states that it serves about 37 million users and boasts 92 million wallets worldwide. In addition, the platform has played a part in over $1 trillion of transactions to date.

A major funding round in 2022 brought Blockchain.com’s value up to about $14 billion. Lightspeed Venture Partners and Baillie Gifford & Co. were two of the backers involved. With such financial support, Blockchain.com eyes Africa as a key area for growth in today’s changing markets.

The move is being made by the firm as the global opinion about crypto strengthens, backed by political figures in favor of crypto adoption. The firm’s approach demonstrates how clear regulation can drive market entry and user growth, especially in regions with rising interest and economic challenges.