Binance Urges Clearer Crypto Rules as Africa’s Market Expands

Binance is urging clearer crypto rules across Africa as regulators seek to protect consumers while supporting blockchain innovation.

Larry Cooke, Binance’s Africa spokesperson, said in an interview with Business Insider Africa that regulators should manage risks without slowing innovation. He highlighted licensing, consumer protection and closer cooperation among regulators as priorities.

Regulation Moves Forward

Crypto regulation is not the same across Africa, which can make it difficult for companies to serve customers in several countries. Cooke highlighted Kenya, Ghana and South Africa to show how the rules differ.

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South Africa requires crypto businesses to get a license before operating. Ghana has introduced licensing as well, but it also gives companies a sandbox where they can try new products under regulatory supervision. Kenya has taken its own approach, with rules for virtual asset providers and requirements around compliance.

Cooke said countries do not need to adopt identical rules. Instead, he argued that better coordination could make it easier for companies to work across borders while leaving governments free to set their own requirements.

Crypto and Financial Access

Cooke said blockchain could make cross-border payments faster and cheaper, particularly where traditional banking services are costly. He said stablecoins could also support digital payments.

Crypto, he added, should work alongside mobile money and banks rather than replace them. He also stressed user education as scams and phishing remain risks.

For Binance, broader adoption will depend on regulation, consumer awareness and cooperation between crypto firms and financial institutions.

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