South Africa’s premier cryptocurrency exchange, VALR, is witnessing a significant shift in user demographics — with Kenya emerging as its second-largest market after South Africa. In a recent discussion with Bitke, VALR’s Chief Marketing Officer, Ben Caselin, shared insights into the exchange’s rapid growth across Africa, particularly highlighting Kenya’s rising prominence in the digital asset ecosystem.
This development comes amid increasing regulatory momentum in Kenya and growing demand for accessible, secure crypto trading platforms across East Africa. As more users embrace blockchain technology, VALR's strategic expansion and compliance-first approach are positioning it as a preferred gateway for African investors.
VALR’s Explosive Growth in 2024 and Beyond
In 2024 alone, VALR onboarded 500,000 new users, effectively doubling its total user base to over 1 million customers. This milestone marks a pivotal moment in the exchange’s history — especially when compared to its first five years of operation (since its 2018 launch), during which it also attracted 500,000 users.
The surge isn’t limited to individual traders. VALR now serves more than 1,100 institutional and corporate clients, reflecting growing trust among professional investors and fintech partners. Notably, over 25% of VALR’s customer base now comes from outside South Africa, with Kenya leading the charge among international markets.
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This cross-border adoption underscores a broader trend: African users are increasingly turning to regulated, user-friendly platforms that support local currencies and offer seamless on-ramps.
Why Kenya? The Rise of Digital Finance in East Africa
Kenya has long been a pioneer in financial innovation across Africa. With one of the continent’s highest mobile money penetration rates — driven by M-Pesa — the country has laid a strong foundation for digital finance adoption. Now, this infrastructure is accelerating interest in cryptocurrency trading, peer-to-peer payments, and decentralized finance (DeFi).
VALR’s growing Kenyan user base reflects both market readiness and demand for reliable crypto infrastructure. Users in Kenya are not only tech-savvy but also eager to diversify their financial tools beyond traditional banking systems.
Additionally, recent partnerships have made it easier than ever for Kenyans to enter the crypto economy. VALR’s integration with MoonPay, a global leader in cryptocurrency payments, allows users to buy digital assets using KES (Kenyan Shilling) and other local currencies through familiar payment methods like:
- Credit and debit cards
- Apple Pay
- Google Pay
- PayPal
- Venmo
This multi-channel accessibility significantly lowers entry barriers, especially for first-time crypto buyers.
Regulatory Milestones: Building Trust Through Compliance
A key factor behind VALR’s success is its commitment to regulatory compliance. The exchange holds Class 1 and Class 2 licenses from South Africa’s Financial Sector Conduct Authority (FSCA) as a registered Crypto Asset Service Provider (CASP) — making it one of the first fully licensed crypto platforms in the country.
This regulatory endorsement enhances user confidence, particularly for international clients who prioritize security and transparency. It also sets a benchmark for other African exchanges aiming to scale responsibly.
Meanwhile, Kenya is advancing its own regulatory framework. The government is preparing to establish the Virtual Assets Regulatory Authority (VARA), which will oversee crypto exchanges and digital asset activities within the country. While some experts have raised concerns about governance and oversight, the move signals Kenya’s intent to formalize and integrate blockchain technology into its financial system.
For platforms like VALR, this evolving landscape presents a strategic opportunity. By aligning with global compliance standards, they can position themselves as trusted partners once Kenyan regulations are finalized.
“Regulation isn’t a barrier — it’s a bridge to mass adoption. When users know their assets are protected and platforms are accountable, trust follows.”
— Ben Caselin, Chief Marketing Officer, VALR
Expanding Access: Supporting 34 Fiat Currencies Worldwide
VALR’s partnership with MoonPay extends its reach far beyond Africa. Today, the platform supports 34 fiat currencies, including:
- KES (Kenyan Shilling)
- NGN (Nigerian Naira)
- IDR (Indonesian Rupiah)
- TRY (Turkish Lira)
- BRL (Brazilian Real)
- TWD (New Taiwan Dollar)
This global on-ramp infrastructure enables users from over 180 countries to deposit funds quickly and begin trading major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and stablecoins.
For African users, the ability to transact in local currency reduces friction and eliminates costly conversion fees — a critical step toward inclusive financial access.
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What This Means for Africa’s Crypto Future
VALR’s trajectory highlights a powerful trend: Africa is not just adopting crypto — it’s shaping its future. With youth-driven innovation, mobile-first economies, and increasing internet access, countries like Kenya are becoming epicenters of blockchain experimentation and usage.
As more exchanges follow VALR’s lead in offering localized support and regulatory compliance, the continent is poised for exponential growth in digital asset adoption.
But challenges remain — including education gaps, cybersecurity risks, and inconsistent regulatory clarity across borders. Platforms must continue investing in user protection, financial literacy, and community engagement to ensure sustainable growth.
Frequently Asked Questions (FAQ)
Q: Is VALR available to users in Kenya?
A: Yes, VALR supports Kenyan users and allows deposits and withdrawals in Kenyan Shillings (KES) via integrated payment providers like MoonPay.
Q: Does VALR require KYC verification?
A: Yes, VALR enforces strict Know Your Customer (KYC) procedures to comply with FSCA regulations and ensure platform security for all users.
Q: Can I trade cryptocurrencies on VALR using my mobile phone?
A: Absolutely. VALR offers a fully functional web platform optimized for mobile devices, with plans for dedicated mobile apps in development.
Q: What makes VALR different from other African crypto exchanges?
A: VALR stands out due to its FSCA licensing, robust security protocols, support for multiple fiat currencies, and focus on regulatory compliance across jurisdictions.
Q: Will VALR launch a standalone app for Kenyan users?
A: While no country-specific app has been announced yet, VALR is expanding its mobile capabilities globally — Kenyan users will benefit from these upgrades.
Q: How does regulation impact crypto trading in Kenya?
A: Once fully implemented, Kenya’s VARA framework aims to license and supervise crypto businesses, potentially increasing consumer protection and market stability.
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Final Thoughts: A Continent on the Brink of Transformation
As digital finance continues to evolve, Africa — led by innovators in countries like South Africa and Kenya — is stepping into the global crypto spotlight. Platforms like VALR are not only facilitating access but also setting standards for security, transparency, and inclusion.
With over a million users and counting, VALR exemplifies what’s possible when technology meets regulatory foresight. And as Kenya moves closer to formalizing its crypto rules, the stage is set for even greater innovation across the continent.
For investors, developers, and everyday users alike, the message is clear: Africa’s crypto revolution is just beginning.