UK-based crypto exchange Blockchain.com to expand into Africa

Global cryptocurrency exchange, Blockchain.com, plans to expand its services into Africa. Currently, it is focusing on establishing a presence in African countries that have established cryptocurrency regulations or are in the process of doing so.

The details 

• According to reports, Blockchain.com wants to expand into Ghana, Kenya, South Africa and Nigeria. 
• In a mail to Bloomberg, the exchange’s general manager for Africa operations Owenize Odia said the firm has already set plans in motion to open a physical outlet in Nigeria before the end of June. 
• Odia added that obtaining a license in Nigeria —which she described as the firm’s fastest growing West African market— is its topmost priority. 
• An expansion such as this will make Blockchain.com the first global crypto exchange to set up a physical shop in Nigeria. 

Key quote 

• Odia told Bloomberg: 

“Nigeria has taken meaningful steps toward creating a clear framework for crypto... Applying for a crypto-exchange license in Nigeria is a top priority.” 

Dive deeper

• Mariblock reached out to Blockchain.com for comments on the firm's expansion plans.
• Odia told Mariblock that the exchange should be firmly in place in these four countries by early next year. She said:

"Our near-term focus is on scaling our presence in a responsible and compliant manner. Although Nigeria is first to receive investment in infrastructure and team-building, our goal is to execute this expansion through 2025 and into early 2026 across the board."

• She added that Blockchain.com also plans to open physical outlets in the three other countries as well as in more African countries beyond these four, eventually.
• When asked if the exchange had plans for other African countries, she said:

"Absolutely. These markets [Ghana, Kenya, Nigeria and South Africa] serve as strategic entry points, but they are by no means the full extent of our ambitions on the continent...We’re constantly evaluating market conditions, user needs, and regulatory developments to identify where we can add value next."

Some context 

• Africans have widely adopted crypto, often using global exchanges like Binance and OKX, which operate across borders and serve the continent without local offices or regulatory oversight.
• However, as more African countries introduce crypto regulations, global exchanges are now under pressure to leave the regulatory grey zone and obtain proper licenses. 
• Earlier in the year, Nigeria passed a piece of legislation to legally recognize cryptocurrencies and bring them under the regulatory purview of the Securities and Exchange Commission (SEC). 
• In addition, the Nigerian SEC issued provisional licenses to two crypto firms —Quidax and Busha— last year, to allow them to operate under a regulatory regime in the country. 
• As part of the requirements for licensing, the SEC mandated crypto firms that wish to operate in the country to open physical offices or face sanctions. 

Zoom out

• South Africa has issued 248 licenses to crypto firms as of January 2025, and Ghana plans to launch regulations before the end of the year. Kenya is also in the middle of formulating crypto policies.