UK’s Blockchain.com Targets Crypto Exchange Licence in Nigeria as It Expands to Africa
On May 27, 2025, UK-based crypto exchange Blockchain.com announced plans to open a Nigeria office in Q2 2025, prioritizing a crypto exchange license under Nigeria’s Investments and Securities Act (ISA) 2024. This marks its first African presence, with expansion targeting Ghana, Kenya, and South Africa. Driven by Nigeria’s high crypto adoption and regulatory clarity, the move positions Blockchain.com to lead in Africa’s crypto boom. This article details the strategy, Nigeria’s crypto landscape, regional context, and implications.
Strategy
- Nigeria: Blockchain.com will open a physical office in Nigeria, its “fastest-growing market,” and apply for a SEC license, a first for a foreign firm.
- Regional Expansion: Targets Ghana (draft guidelines by Sep 2025), Kenya (research phase), and South Africa (59 licenses approved).
- Drivers: Africa’s youth (53.6% Nigerians 15–65), currency instability, and $20B remittances fuel adoption.
- Global Context: U.S. pro-crypto policies under Trump support expansion.
Nigeria’s Crypto Landscape
- Adoption: Nigeria ranks second globally in crypto adoption, with 32% usage and $400M in transactions.
- Regulation:
- 2017–2021: CBN banned bank crypto transactions, pushing P2P trading.
- 2024–2025: ISA 2024 regulates digital assets; SEC approved Quidax, Busha; CBN lifted bank bans.
- Challenges: P2P crackdowns, Binance naira delisting.
- License: Blockchain.com’s application could pioneer foreign entry.
Regional Context
- South Africa: 59 licenses, stablecoin growth, and bank custody services.
- Ghana, Kenya: Emerging frameworks, high remittance demand.
- Africa: Leads global adoption, with remittances and inclusion as drivers.
Implications
- Blockchain.com: License and office enhance market leadership.
- Nigeria: Attracts investment, boosts innovation.
- Africa: Sets regulatory precedent, draws global firms.
Reactions
- X: @Abdu1fattah sees competition with Binance; @unocrypto_com hails the move.
- Experts: Owenize Odia cites Nigeria’s regulatory steps; Ben Caselin praises South Africa’s model.
Conclusion
Blockchain.com’s Nigeria office and license pursuit leverage Africa’s crypto surge. Nigeria’s regulatory shift and adoption make it a hub, with regional expansion promising growth. Monitor Bloomberg (https://www.bloomberg.com) for updates.
