This week, Binance held a media roundtable in Nairobi, where the crypto exchange platform pushed for clearer crypto regulations and stronger cybersecurity as it targets deeper growth in Kenya’s digital finance space.
Africa’s digital economy is expanding fast, but regulation of crypto assets remains fragmented. Kenya, with over 4.4 million active crypto users, is a key market. Yet, growing concerns over fraud, scams, and money laundering continue to stall regulatory progress.
Binance’s Global Chief Marketing Officer, Rachel Conlan, said the company is engaging governments to share technical expertise on regulation and security. She noted that clarity from global regulators, including Europe and the U.S., is creating momentum that Kenya could follow.
“Regulatory clarity will help grow the industry and create economic opportunities,” she told reporters.
Kenya’s youthful population is central to Binance’s local strategy. About 74% of the country’s 54 million people are under 35. This demographic shift, combined with high mobile money usage, presents a large market for digital assets.
Conlan said Binance has 5% penetration in Kenya and aims to hit 20% within two years.
The company also addressed growing security risks. Binance has a compliance and cybersecurity team working with local law enforcement to track scams and protect users. Conlan urged users to activate multi-factor authentication and avoid sharing passcodes.
Crypto scams remain a threat. In 2021, Kenyans lost $120 million to crypto-related crimes. South Africa recorded major losses, including the $589 million Mirror Trading International scheme and the $3.6 billion Africrypt collapse.
Binance said part of its strategy includes user education and supporting safer crypto adoption. The Nairobi event was part of a broader effort to engage communities and push for local rules that match global standards.
The company’s growth ambitions in Kenya now depend on whether it can build trust with regulators and users while proving it can curb risks tied to the industry.
Can Binance meet these targets without triggering more scrutiny? The next two years will test that.
