coin conviction

“2022 is the year for taking crypto mainstream,” says Binance Africa director Emmanuel Babalola

By ‘Tofe Ayeni

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Posted on January 20, 2022 15:36

Representations of cryptocurrency Bitcoin and Binance is seen in this illustration
A representations of cryptocurrency Bitcoin and Binance is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic

Emmanuel Babalola, director for Africa at crypto exchange giant Binance, speaks to The Africa Report about the company’s plans for the continent, the 589% increase in the trading volumes of African users on the platform, and how to convince skeptics concerned about fraud, capital flight and environmental damage linked to Bitcoin.

Binance is the world’s leading blockchain ecosystem and cryptocurrency exchange, trading $76bn daily according to CryptoCompare.

Now, Binance director for Africa Emmanuel Babalola says that 2022 is the year for “taking crypto mainstream”.

To do that, Binance will have to face down a range of skeptics: from those who see it as a way to commit fraud or avoid tax, central banks that are concerned about unregulated capital flight and policy-makers who are increasingly worried about the impact of currencies like Bitcoin on the environment.

Others argue crypto is already mainstream on the continent.

Consultancy ChainAnalysis points to more than $100bn worth of cryptocurrency exchanged in Africa in the year ending June 2021. The Wall Street Journal claims 11m clicks were made from Nigeria on the Binance platform in the first half of 2021 alone.

Exponential growth

In 2021, Binance recorded an

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