Why crypto firm Luno is back in Kenya after 2015 exit

Global cryptocurrency platform Luno has announced its re-entry into Kenya, following its previous operation in the country under the name BitX between 2013 and 2014.

Country Manager for Luno Kenya, Apollo Sande, expressed his delight about the company’s impact on the local scene, noting that Kenyan customers can look forward to a crypto experience built around security, transparency, and responsible innovation. 

“We’re excited to officially relaunch in the Kenyan market. Our goal is to make crypto accessible, transparent, and trusted by offering the tools, education, and platforms users need to make informed investment decisions,” Sande said.

Luno’s relaunch in Kenya comes when the country’s parliament is reviewing the Virtual Asset Service Providers (VASP) Bill, 2025, which would require companies to register with both the Capital Markets Authority (CMA) and the Central Bank of Kenya (CBK). With that, Luno reaffirmed its commitment to working with Kenyan regulators and other players in the industry to cultivate a sustainable environment for crypto growth.

“Kenya has already established a strong foundation with the forthcoming Virtual Assets Service Providers Bill and Crypto Tax. We have actively participated in the discussions and working groups that led to these developments over the years,” the company noted. 

According to the London-based crypto platform, its closed collaboration with regulators in numerous global markets made it the first licenced crypto platform in both South Africa and Indonesia. 

While Luno previously operated as a hybrid crypto platform, it has been restructuring its operations to establish a solid base in Africa. In 2024, it was granted a crypto-asset service provider (CASP) licence in South Africa and is currently awaiting a provisional licence in Nigeria through the Securities and Exchange Commission (SEC)’s Accelerated Regulatory Incubation Programme (ARIP).

“We would be honoured to continue working alongside regulators and the industry to shape future licensing frameworks and ongoing regulatory advancements. Much work remains to be done,” Luno said.

With over 15 million global users, the crypto platform has no record of security breach since its establishment. Luno also publishes monthly, independently verified Proof of Reserves reports, confirming that customers’ assets are held 1:1 at all times.

Also Read: South Africa issues first crypto licence to Luno, 59 other companies.

Why Luno left Kenya in 2015

Established in 2013, the London-based exchange offers trading services with Bitcoin, Ethereum, XRP, and Litecoin and was renamed from BitX to Luno in 2017. 

While there was no official reason behind Luno’s exit in Kenya in 2015, experts suggested that its operational halt was due to a mix of increasing regulatory compliance costs.

Also, after it had launched operation across Africa, Southeast Asia, and beyond, including expansions in Nigeria (mid-2015) and South Africa, and closing a significant $4 million Series A funding round in July 2015 led by Naspers/PayU, the company likely reprioritised markets where regulatory environments were more predictable and partnerships more scalable.

With that, the firm presumably focused efforts on regions where they could scale more robustly and gain a strong competition in the local crypto space. 

“Kenya is one of the most dynamic crypto markets” – Sande

As part of its efforts for expansion, Luno’s relaunch into the East African country is part of its broader mission to make financial services more open, fair, and accessible to all. In light of Kenya’s regulatory framework for digital assets, Luno is rebranding itself as a trusted firm in support of responsible crypto adoption. It also seeks to address risks to consumers posed by P2P platforms such as fraudulent activities.

Luno’s seamless and affordable trading process will allow Kenyans trade cryptocurrencies using Kenyan Shillings (KES), with live pairs like BTC/KES, ETH/KES, USDT/KES, and USDC/KES. 

“Kenya is one of the most dynamic crypto markets in Africa, with a highly informed and tech-savvy population. We’re thrilled to provide a platform that keeps safety, simplicity, and trust at the center of the crypto experience,” Sande said.

The platform also supports global pairs like BTC/USDT, making it ideal for both local trading and arbitrage opportunities, all without commission fees. Customers can earn rewards for referring new users and staying active.

In response to what policies or measures would best encourage innovation while ensuring consumer protection, Luno explained the need for a collaborative, risk-based approach.

“We advocate for clear, risk-based guidelines that encourage innovation while enabling consumers to safely interact with platforms that prioritize security, transparency, and compliance,” Luno said.