Africa Crypto News Weekly Recap: Binance Commends Kenya, VALR Collaborates with MoonPay, Nigeria Imprisons 9 Chinese Fraudsters

In the most recent updates from Africa’s crypto scene, Binance commends Kenya for progress in crypto regulations while cautioning against excessive taxation. Meanwhile, VALR is collaborating with MoonPay to broaden access to various fiat currencies. Additionally, Nigeria has sentenced nine Chinese cryptocurrency fraudsters to one year in prison.

A representative from Binance has lauded Kenya’s strides in crypto compliance but expressed concerns over harsh tax policies. In South Africa, the prominent crypto trading platform, VALR, is teaming up with MoonPay, a provider of crypto payment solutions, to enhance global payment capabilities. Concurrently, Nigeria has imprisoned nine Chinese individuals for engaging in crypto scams within its borders.

Let’s delve into this week’s crypto update from the African continent:

Kenya Crypto Update: Binance Commends Regulatory Advancements

Binance, an international trading platform, has acknowledged Kenya’s initiatives to establish a regulatory backdrop for the crypto asset sector.

Larry Cooke, the legal head for Africa, highlighted the advancements made on the Virtual Assets Service Providers (VASP) Bill currently under consideration by parliament.

(Source)

“The Virtual Asset Service Providers Bill is transformative, but more importantly, it signifies Kenya’s commitment to spearheading responsible innovation across Africa,” Cooke remarked. “We have been collaborating closely with regulators, lawmakers, and educators, as the crypto ecosystem thrives on trust.”

Nonetheless, the Binance representative urged against implementing harsh taxes on the crypto industry.

He believes Kenya has the potential to “guide the continent through smart, supportive regulations.”

Kenya has steadily emerged as one of Africa’s pivotal crypto hubs.

The inception of the Kenya Virtual Assets Service Providers (VASP) Bill is poised to revolutionize the crypto landscape. With the legislation paving the way for ‘mainstream’ crypto licenses, the startup environment for businesses within the Virtual Assets sector is on the verge of… pic.twitter.com/yrPXkXyihG

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

The surge in usage has prompted lawmakers to contemplate crypto legislation for the first time. As crypto asset continues to gain traction, more Kenyans may explore and invest in some of the top meme token ICOs.

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South Africa Crypto Update: VALR and MoonPay Collaboration

Two prominent crypto companies, VALR and MoonPay, are joining forces to enhance accessibility to cryptocurrencies for their users.

VALR, recognized as the top crypto exchange in Africa by trading volume, is collaborating with MoonPay to utilize its payment infrastructure.

This integration will enable VALR to price floor 34 additional fiat currencies, which includes the Kenyan Shilling and the Nigerian Naira. This arrangement will allow investors to gain exposure to the next 1000X cryptos.

“We are excited to collaborate with MoonPay to improve our platform’s accessibility for users globally,” stated Farzam Ehsani, Co-Founder and CEO of VALR. “This integration grants our global community efficient access to cryptocurrencies, aligning with VALR’s goal of creating a financial system that mirrors the unity of humanity.”

VALR already boasts over 1 million active users and countless corporate clients.

The drive to expand this user base, especially as digital currency usage accelerates in Africa, is a significant motivation behind this partnership.

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Nigeria Crypto Update: Nine Chinese Fraudsters Sentenced

The Nigerian anti-corruption agency has revealed that nine Chinese nationals have been sentenced for involvement in crypto and romance scams.

The Economic and Financial Crimes Commission mentioned that the individuals admitted guilt to multiple offenses and received one-year prison sentences along with fines.

BREAKING NEWS: Lagos Court Sentences Nine Chinese for Cyber-terrorism and Online 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 remain a regrettable facet of an unrestricted, digital payment framework.

Numerous Nigerian citizens continue to cope with the aftermath of the CBEX exchange collapse, which seems to have been a complex Ponzi scheme.

It is crucial for authorities to focus on actual scammers and fraudulent operations rather than targeting the broader crypto sector.

Crypto stakeholders in Nigeria are hopeful this distinction will be acknowledged in future enforcement actions.

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The article Africa Crypto News Week in Review: Binance Celebrates Kenya, VALR Collaborates with MoonPay, Nigeria Sentences 9 Chinese Scammers originally appeared on 99Bitcoins.