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As Head of Legal for Binance across Africa, Larry Cooke plays a pivotal role in advancing the company’s mission to foster responsible crypto adoption and build regulatory trust across the continent. Binance, the world’s largest cryptocurrency exchange by trading volume, is committed to increasing the freedom of money globally, a vision anchored in providing the core infrastructure for organizing the world’s crypto and making digital assets more accessible to all.
Central to this mission in Africa is crypto literacy. Binance is actively working to bridge knowledge gaps by promoting education, driving awareness, and collaborating with local stakeholders. In line with this objective, Larry engages in this interview with Pulse Ghana to discuss the regulatory landscape and emerging adoption trends within Ghana's crypto market.
His goal is to:
Address knowledge gaps around cryptocurrency use and compliance
Clarify Ghana’s evolving regulatory frameworks and their implications for users and businesses
Promote a balanced understanding of the opportunities and challenges shaping the country's digital asset ecosystem
With his legal expertise and leadership, Larry is helping Binance build informed and compliant crypto communities, ensuring that innovation in the space is both inclusive and sustainable.
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What does the current state of crypto adoption in Africa look like, especially looking at the Ghana market?
Larry Cooke: Ghana stands at the forefront of cryptocurrency adoption in Africa. Recent studies reveal that approximately 17.3% of Ghanaian adults, equating to about 3.1 million individuals, own some form of cryptocurrency. This figure surpasses the global average of 15%, positioning Ghana as a leader in the digital financial revolution.
Notably, the youth are the primary drivers of this movement, with over 70% of Ghanaian crypto owners aged between 18 and 34.
Cryptocurrencies are expanding financial opportunities for Ghanaians, providing an additional channel for accessing global markets, making payments, and storing value. By complementing traditional financial systems, cryptocurrencies can help increase financial inclusion, promote economic growth, and empower individuals to take control of their financial lives.
Which African countries are leading the way in crypto adoption, and why?
Larry Cooke: The adoption of cryptocurrencies in Africa is steadily increasing, with countries like South Africa leading the way in terms of user engagement and regulatory frameworks.
As for Africa, the number of users in the cryptocurrency market is expected to reach 75.77m users by 2026.
The user penetration rate is projected to be 5.50% in 2025 and is expected to increase to 5.90% by 2026.
The revenue in the Cryptocurrencies market for Africa is projected to reach US$4.8bn in 2025.
It is expected to show an annual growth rate (CAGR 2025-2026) of 6.75%, resulting in a projected total amount of US$5.1bn by 2026. In 2025, the average revenue per user in the Cryptocurrencies market is estimated to be US$68.7.
Ghana stands at the forefront of cryptocurrency adoption in Africa. Recent studies reveal that approximately 17.3% of Ghanaian adults, equating to about 3.1 million individuals, own some form of cryptocurrency. This figure surpasses the global average of 15%, positioning Ghana as a leader in the digital financial revolution. Notably, the youth are the primary drivers of this movement, with over 70% of Ghanaian crypto owners aged between 18 and 34.
Between July 2023 and June 2024, Sub-Saharan Africa processed more than $54 billion in stablecoin transactions, making up 43% of all crypto activity in the region (Chainalysis).
What are the main drivers of crypto adoption across the continent and how can Ghanaians learn from leading African countries in terms of crypto adoption?
Larry Cooke: One of the biggest barriers to crypto adoption is education. To close this gap, Binance has been equipping Ghanaians with the skills needed to thrive in the blockchain economy through initiatives like the Binance Academy and the Binance Masterclass, which have trained thousands across Africa. These programs teach essential topics such as blockchain fundamentals, trading strategies, and Web3 development, opening doors to new career paths in the crypto industry.
Growing acceptance to widespread adoption of cryptocurrencies requires a strong foundation that is regulation. Without clear, consistent legal frameworks, crypto may be perceived as a higher-risk option for users and institutions.
At Binance, we're focused on breaking down barriers, whether through education, accessible investment tools, regulatory engagement and supporting local entrepreneurs. By simplifying the crypto journey and fostering innovation, we’re enabling Ghanaians to take control of their financial future sustainably
The role of regulation as an enabler of crypto’s growth in Africa
Larry Cooke: Clear and balanced regulation is essential to unlocking the full potential of crypto. At Binance, we believe thoughtful frameworks protect users, foster trust, and encourage innovation.
We actively collaborate with regulators across Africa to support policies that ensure consumer safety, promote financial inclusion, and provide clarity for businesses without stifling innovation.
Regulation isn’t just about compliance; it’s a key driver of mainstream adoption and long-term industry growth.
How has the use of crypto changed over the last 3–5 years in Africa, particularly in Ghana in terms of accessibility and utility?
Larry Cooke: Freelancers are using crypto to get paid by global clients quickly and without needing a foreign bank account. And there are merchants beginning to accept crypto payments in person or online, especially through tools like Binance Pay. These are real, everyday use cases that are helping entrepreneurs reduce friction and grow their businesses.
Stablecoins have become another critical tool, especially in high-inflation economies. They're increasingly used to send remittances, save value, and pay for everyday goods and services without worrying about price volatility.
Merchant adoption of crypto is growing rapidly, helping to normalise crypto as a day-to-day payment method. As retailers, freelancers, and SMEs use crypto to save on fees and expand their reach, we’re seeing a more inclusive and decentralised financial system emerge.
What specific strategies has Binance implemented in Africa to ensure crypto adoption reaches the unbanked and underbanked populations?
Larry Cooke: Binance is expanding access to crypto in Africa by integrating with mobile money platforms in countries like Ghana, Uganda, Tanzania, and Zambia, enabling users to easily buy and sell crypto using familiar payment methods.
Tools like Binance Pay allow for instant, secure, and low-cost crypto payments, while self-custody wallets empower users to manage their funds, interact with Web3 platforms, and earn yields all within the Binance app.
With just a smartphone and internet connection, users can participate in the digital economy. These tools don’t replace traditional banks; they complement existing systems by reaching people who’ve historically been excluded from financial services.
What education initiatives is Binance investing in to promote responsible crypto use and protect new users from scams or risky investments?
Larry Cooke: At Binance, user protection is our top priority. We’ve implemented industry-leading security measures, including the Secure Asset Fund for Users (SAFU), an emergency fund established in 2018 to protect users in extreme situations.
Our global compliance and investigations team of over 750 experts works around the clock to detect and prevent illicit activity. We also deploy advanced internal tools and third-party services to identify and remove phishing threats across the user journey.
Education is central to responsible adoption. Through Binance Academy and local workshops, we’ve helped over 64 million people understand the risks and benefits of crypto before investing.
We remain committed to working with regulators and policymakers to shape policies that protect users, build trust, and support innovation across the industry.
What are some of the milestones users can look forward to and the plans Binance is working on for the future?
Larry Cooke: Binance has surpassed the mark of 280 million registered users, forging ahead toward its ambitious goal of onboarding the first billion into Web3.
Over the past 8 years, users have traded $125 trillion in digital assets on Binance, earned and saved $50 billion through Binance Earn, and sent and spent nearly $230 billion using Binance Pay.
Each number reflects real people gaining financial freedom, achieving financial independence, and overcoming the barriers to financial inclusion.
We continue to invest heavily in compliance. Our 2025 spending is projected to exceed 2024 levels by more than 30%. These investments help us keep your funds and data safe, provide secure and compliant products, and maintain the highest level of integrity for our marketplace.
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