Africa has the smallest cryptocurrency economy of any region, with just $8.0 billion worth having been received and $8.1 billion sent on-chain in the time period studied.

The report further notes that transfers below $10,000 make up a larger share of Africa’s cryptocurrency activity than any other region, and remittances was a huge driver of this.

During the study period, most of the crypto activity in Africa was conducted on Binance. This is because of the company offers high liquidity and a variety of trading pairs.

However, illicit activity still makes up to 1.4% of the continent’s cryptocurrency activity by volume, in terms of both sending and receiving, which is about average compared to all other regions.

Kenya has made it to the top 10 list despite facing opposition from the state. The Central Bank of Kenya (CBK) has previously issued circulars to all Kenyan banks requiring them to refrain from doing business with crypto-based companies.

In Nigeria, the country’s Securities and Exchange Commission (SEC) earlier this week issued guidelines that will see the regulation of crypto-coins and crypto-token investments among other digital assets when “the character of the investment qualifies as securities transactions. 

Cryptocurrency adoption in Africa is at a very low rate because many countries are afraid of the risks. However, despite all this, three African countries still made the top 10 list.