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Kenyan Banks Warn Customers About Buying Crypto: Report
NCBA Bank Kenya sent a cautionary email to customers who have transacted in crypto in the past.
Updated Sep 14, 2021, 1:07 p.m. Published Jun 8, 2021, 10:24 a.m.
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A number of banks in Kenya have issued alerts to customers who used debit or credit cards to buy crypto such as bitcoin on exchanges.
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- Some of the banks advised customers not to buy, hold or trade cryptocurrencies, BitcoinKE reported June 4.
- One of them, NCBA Bank Kenya, sent a cautionary email to customers who have transacted in crypto in the past.
- "Virtual currencies such as bitcoin are not legal tender in Kenya," NCBA said in an email cited by BitcoinKE. "No protection therefore exists for you as our customer in the event that the platform holding or trading in cryptocurrency fails or goes out of business."
- The warning copies one from Kenya's central bank in 2015 advising banks and other businesses against dealing in cryptocurrency.
- Nonetheless, trading in crypto remains popular. Digital asset marketplace Paxful announced in December it was partnering with remittance network BitLipa to enable buying and selling of bitcoin, litecoin and tether for Kenyan users.
Read more: Africa ‘Is Leading Global Cryptocurrency Adoption’: Paxful CEO
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Key bitcoin price levels to watch as downward pressure builds
As bitcoin remains in a downtrend, several technical and onchain levels stand out as critical areas of support.
What to know:
- The 100-week moving average at $87,145 remains the main line of defense.
- Below this, the cost basis of U.S. spot bitcoin ETF buyers at $84,099 has provided support during recent consolidation.
- A sustained break below $80,000 would likely open the door to a revisit of the April 2025 low near $76,000.
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