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Larry Cooke, legal counsel for Binance Africa.
Crypto-currency exchange Binance has seen rapid customer growth in South Africa, since its local inception eight years ago, as more South Africans adopt crypto-currency.
The online digital wallet service − through which crypto-currencies can be traded, bought and sold − says it has witnessed local customer numbers rising by 208% year-on-year, from January 2023 to January 2026, This, as more consumers turn to crypto-currencies as a way to store, transfer and use money.
In an interview with ITWeb, Larry Cooke, legal counsel for Binance Africa, attributed this growth to a combination of factors, including access to crypto education, innovative product offerings and accessibility.
“Africa saw the fastest relative growth in crypto users in 2025, with a 52% increase in on-chain activity, led by South Africa and Kenya.
“Over 5.8 million South Africans are now using crypto, reflecting strong local interest. Crypto addresses cross-border payments and financial exclusion, serving the unbanked population − approximately 57% of adults in Africa.”
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According to Cooke, key drivers of adoption across the continent include the large unbanked population, the need for fast and secure remittances, a strong tech-savvy culture, and macro-economic factors like currency volatility and inflation, with crypto serving as a store of value.
“Binance is still at its infancy stage, celebrating eight years of existence last year. Since its inception, the business has grown to be a massive ecosystem in the crypto-currency markets, with over 300 million users globally, marking it as the largest crypto-currency exchange by volume,” Cooke said.
“We launched in July 2017 and today, Binance is a global blockchain ecosystem spanning trading services, infrastructure solutions, educational resources, research, social good programmes, investment and incubation initiatives, and more.
“Due to the 24/7 nature of the crypto industry and the distributed working model of our global employees, we can cater to the borderless, globally-distributed market.”
Binance employees work in an ‘always on the move’ mode. With team members across SA, Binance employees have adapted to specific routines that ensure harmony in collaboration, he noted.
On the strategies behind local growth, Cooke pointed out Binance’s focus has been on expanding Web3 offerings through partnerships, driving awareness and education.
“We continue expanding our Web3 offerings beyond our financial platform and believe the underlying technology holds tremendous promise to help continue to improve lives and improve services beyond finance,” he stated.
“We keep our users at the centre of our decisions and prioritise their experience, learning and education. Our suite of educational tools, such as Binance Academy, the ABCs of Crypto, and Binance Junior, is designed to make crypto accessible and safe for everyone.”
He also emphasised product innovation. With any new and improved developments and milestones, Binance aims to address access to financial solutions, hence the conversation around Binance Pay – a contactless, borderless and secure crypto-currency payment system developed by Binance that allows users to send and receive crypto payments globally.
“Partnerships have been central to Binance’s strategy in SA. Key partnerships include Binance Pay, in partnership with Zapper and MoneyBadger, which supports over 31 000 merchants nationwide for everyday purchases using crypto. Recently, we announced that Capitec users can fund their Binance accounts by depositing Rands via Capitec Pay.”
Today, Binance announced a partnership with Scan To Pay, a digital payment network in SA to enable over 650 000 Scan To Pay merchants to accept crypto-currency payments via Binance Pay, expanding crypto spending opportunities across the country.
Despite customer growth, challenges remain, particularly in educating new users, Cooke commented.
“One of the main challenges many South Africans face is limited access to educational tools and resources. It’s important for people to thoroughly educate themselves about crypto-currency and clearly understand their investment goals. We also recognise the scepticism that stems from a lack of education, which is why most of our initiatives are strongly focused on education and safety,” Cooke added.
To this end, Binance has introduced initiatives such as the SABC Crypto Show, Binance Academy, and partnerships with influencers and local organisations.
“These programmes open up conversations about the industry, educate viewers on fundamental crypto concepts, and help safeguard against scams, while promoting cyber security,” he concluded.
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