Africa Crypto News Week in Review: Binance Praises Kenya, VALR and MoonPay Partner, Nigeria Jails 9 Chinese Scammers

In the latest Africa crypto news, Binance praises Kenya’s crypto regulation progress but warns against heavy taxes. Meanwhile, VALR is partnering with MoonPay to expand access to more fiat currencies. Nigeria jails nine Chinese crypto scammers for one year.

A Binance executive has praised Kenya’s progress in regulating crypto but warned against punitive taxation. In South Africa, the leading crypto exchange, VALR, has partnered with MoonPay, a crypto payments provider, to improve global payment integration. Meanwhile, Nigeria has jailed nine Chinese nationals for perpetrating crypto scams within the country.

Let’s explore these crypto stories from the African continent this week:

Kenya Crypto News: Binance Lauds Regulatory Progress

Binance, a global exchange, has praised Kenya’s efforts to create a regulatory framework for the crypto industry.

Larry Cooke, head of legal for Africa, noted the progress made on the Virtual Assets Service Providers (VASP) Bill before parliament.

(Source)

“The Virtual Asset Service Providers Bill is a game-changer, but more than that, it’s a symbol of Kenya’s willingness to lead Africa in responsible innovation,” said Cooke. “We have been working closely with regulators, parliamentarians, and educators because the crypto ecosystem cannot thrive without trust.”

However, the Binance executive cautioned against imposing punitive crypto taxes on the industry.

He believes Kenya can “lead the continent with smart, enabling policies.”

Kenya has gradually become one of the most important crypto markets in Africa.

The introduction of the Kenya Virtual Assets Service Providers (VASP) Bill has set the stage for a dramatic shift in the crypto ecosystem. With the bill paving the way for ‘mainstream’ crypto licenses, the business landscape for startups in the Virtual Assets space is about to… pic.twitter.com/yrPXkXyihG

— Kenya Blockchain & Crypto Conference (@KBCC_01) February 18, 2025

The increased usage has led legislators to consider crypto legislation for the first time. As crypto also finds adoption, more Kenyans will explore and even consider investing in some of the best meme coin ICOs.

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South Africa Crypto News: VALR and MoonPay Partnership

Two leading crypto platforms, VALR and MoonPay, are partnering to enhance crypto access for their users.

VALR, the leading crypto exchange in Africa by trade volume, is joining hands with MoonPay to leverage its payment infrastructure.

The integration will allow VALR to support 34 new fiat currencies, including the Kenyan Shilling and the Nigerian Naira. This deal will allow investors to get exposure to the next 1000X cryptos.

“We are thrilled to partner with MoonPay to enhance our platform’s accessibility for users worldwide,” said Farzam Ehsani, Co-Founder and CEO of VALR. “This integration empowers our global community with efficient access to cryptocurrencies, aligning with VALR’s vision of building a financial system that reflects the oneness of humanity.”

VALR already has over 1 million regular users and hundreds of corporate clients.

Expanding this user base, especially as crypto usage rapidly grows in Africa, is a major reason for this partnership.

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Nigeria Crypto News: Nine Chinese Scammers Jailed

The Nigerian anti-graft agency has announced the jailing of nine Chinese nationals accused of crypto and romance scams.

The Economic and Financial Crimes Commission stated that the individuals pleaded guilty to various crimes and received one-year prison sentences and fines.

BREAKING NEWS: Lagos Court Jails Nine Chinese for Cyber-t£rrorism and Internet Fraud in Lagos

Their names are: LI Dong,  Deng Wei Qiang, Huang Bo, Xiong Zhen, Lai Rui Feng , Zhao Xiao Hui, Lui Hai Rong, Lui Gang  and Du Ji  Feng. pic.twitter.com/QI02J7Evvq

— Nigeria Stories (@NigeriaStories) June 10, 2025

Crypto scams are an unfortunate aspect of a digital, borderless payment system.

Thousands of Nigerian nationals are still reeling from the collapse of the CBEX exchange, which appears to be a sophisticated Ponzi scheme.

It is vital that authorities target actual scammers and fraudulent schemes rather than the entire crypto industry.

Crypto stakeholders in Nigeria hope this distinction will be made in future crackdowns.

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