LIST | A Look at Africa’s Biggest Crypto Moments of 2024

In this article, we’ll dive into the most significant crypto stories from Africa that we uncovered in 2024.

kodzilla··6 min read

In 2024, the major African countries continued to make progress in cryptocurrency adoption.

Nigeria and South Africa distinguished themselves as the leading crypto markets on the continent with a ConsenSys survey released in November 2024 putting the 2 nations ahead of the rest of the world in crypto wallet ownership.


Both countries also led the way by introducing active regulatory regimes for virtual asset service providers (VASPS), with several firms approved by either country in 2024.

It is no surprise that startups and events from both countries fed the news cycle all-year long. A key trend in both countries was startups leveraging stablecoins for cross-border trade, leading to stablecoins becoming the main crypto use-case in Africa.


That said, other countries, notably Kenya, Ghana, and Ethiopia also produced key moments, underscoring the gradual growth of the crypto economy across the continent.

 

In this article, we’ll dive into the most significant crypto stories from Africa that we uncovered in 2024.

 

1.) Nigeria Approves Crypto Exchanges Busha, Quidax

On August 29 2024, the Nigeria Securities Exchange Commission (SEC Nigeria) announced that two digital asset exchanges, Busha and Quidax, had received ‘Approval-in-Principle’ to begin operations under the Accelerated Regulatory Incubation Program (ARIP) introduced in June 2024.


The ‘Approval-in-Principle’ is a preliminary step toward full registration by the SEC ensuring that appropriate protection and transparency measures are in place for each product or service.

Additionally, five firms were admitted to test their models and technologies under the SEC’s Regulatory Incubation (RI) Program.

 

2.) South Africa Approves 248 Crypto Asset Providers

Africa’s most developed crypto market showed the way by approving applications of 248 crypto asset providers in 2024, with more on the way according to the country’s Financial Sector Conduct Authority (FSCA).

A total of 420 applications have been received by the body since it began accepting applications in June 2023. So far, only nine applications have been rejected, while 106 were voluntarily withdrawn after discussions with the regulator about the suitability of their business and operating models.

FSCA classified crypto assets as financial products requiring regulatory oversight in 2022, being the first African country to do so. According to the authority, this aims to protect consumers from the inherent risks associated with the crypto market, such as fraud and money laundering.

3.) Binance Officials Detained in Nigeria

Binance officials, Tigran Gambaryan (Head of Financial Crime Compliance) and Nadeem Anjarwalla (Regional Manager), landed in Abuja, Nigeria’s capital, on February 25 2024 at the invitation of government officials who requested a series of meetings. Upon completing the meetings, they were put on house arrest and Tigran would eventually get detained in Kuje Prison, a facility notorious for housing violent extremists from Boko Haram and ISIS.

Anjarwalla would escape from his detention according to reports on March 25 2024, with the government involving Interpol in a manhunt for the British-Kenyan citizen.


The two were charged with tax evasion in March 2024 after the Federal Inland Revenue Service (FIRS) claimed they failed to pay taxes on cryptocurrency transactions worth billions of Naira. The crypto exchange itself was also charged, being accused of not paying value-added tax and corporate tax, as well as failing to file tax returns.

The two also faced money laundering charges from the Economic and Financial Crimes Commission (EFCC).

Since February 2024, various attempts to free Gambaryan have been attempted without success. Some of these include:

  • Binance withdrawing its services from Nigeria
  • Binance agreeing to cooperate with the authorities
  • A plea from Binance CEO to free Tigran
  • Binance withdraw to apply for a license until Tigran is freed
  • A plea from Tigran’s wife
  • A plea to get Tigran medical care following bouts of illnesses
  • A plea from U.S. government officials to U.S. President and Nigerian President


Gambaryan was finally released in October 2024 after spending 9 months in detention, with all charges dropped.

Binance, which the government blamed for a rising exchange rate earlier in the year, is still facing charges.

 

4.) Ethiopia Emerges As Bitcoin Mining Power

 

In November 2024, news from Ethiopia said that the country’s state-owned utility had signed-power purchase agreements with 25 bitcoin mining companies generating over $55 million over the past 10 months.

Ethiopia’s current mining capacity translates to a significant 2.25% of the total Bitcoin hash rate making it a significant contributor from Africa. According to Luxor data, the country ranks fourth in Bitcoin mining hash rate contribution, trailing only:

  • The United States
  • Hong Kong, and
  • Asia

Since China’s 2021 ban on Bitcoin mining, Ethiopia has drawn a wave of Chinese miners. With ample hydropower and surplus renewable energy, the Ethiopian government has actively worked to capitalize on these resources, aiming to position the country as a key Bitcoin mining hub.

5.) Ghana CBDC Project Stalls

Nigeria’s e-Naira will remain the only active CBDC project on the continent for the foreseeable future after the next most advanced project by Ghana was seemingly paused despite a successful pilot.

 

“The eCedi pilot is considered to be successful based on the assessment of its outcome. However, considering the prevailing economic conditions, it is imperative that economic stabilization is prioritised before initiating a new venture such as this,” said Dr. Maxwell Opoku-Afari, First Deputy Governor of Bank of Ghana.

“Nevertheless, the goal of the Bank is to be fully prepared and equipped to navigate challenges that may arise in the current climate; and we intend to focus on achieving institutional readiness during this period to ensure a seamless and successful launch of the eCedi at the appropriate time.”

 

Nonetheless, 2025 promises more CBDC activity as more governments across the continent move further along in their exploration phases.

Eswatini was the latest country to release a design paper detailing its potential central bank digital currency (CBDC), the digital Lilangeni.


Mauritania also entered a deal with security technology firm, Giesecke+Devrient (G+D), to develop and rollout a digital rendition of the nation’s currency, the Ouguiya.


Rwanda and Egypt are also expected to make significant steps in 2025.

 

 

 

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