Bitcoin ATMs have been observed in major shopping malls across Nairobi, just days after Kenya enacted its first comprehensive cryptocurrency law. This development presents an immediate challenge for regulators, who maintain that no crypto provider has yet received authorization to operate within the country.
Local media outlet Capital News reported that several prominent malls in Nairobi now feature new machines branded “Bankless Bitcoin,” installed alongside traditional banking kiosks. These machines offer cash-to-crypto services to the public.
This is not the first instance of Bitcoin ATMs in Kenya. In 2018, The East African reported that ATM provider BitClub had installed Bitcoin ATMs in Nairobi. However, adoption remained limited, and these devices did not achieve widespread presence in mainstream retail spaces.
Data from CoinATMradar indicates that there are currently only two reported Bitcoin ATMs in Kenya.
The emergence of these new Bitcoin ATMs follows closely on the heels of Kenya’s Virtual Assets Service Providers Act of 2025, which came into effect on November 4. This law established Kenya's first formal licensing framework for wallet operators, exchanges, custodians, and other crypto platforms.
Under the new legislation, the Central Bank of Kenya (CBK) will be responsible for overseeing payment and custody functions. The Capital Markets Authority (CMA) will, in turn, regulate investment and trading activities.
Central Bank of Kenya Issues Warning Regarding Unlicensed Providers
Despite the law being in effect, the specific regulations required to initiate the licensing of Virtual Asset Service Providers (VASPs) have not yet been issued. Consequently, crypto providers are currently operating without the necessary licenses.
In a joint notice released on Tuesday, both the CBK and the CMA stated that neither regulator has licensed any VASP under the new laws to operate within or from Kenya. The regulators cautioned that any companies claiming to have authorization are doing so illegally.
"Currently, CBK and CMA have not licensed any VASPs under the Act to operate in or from Kenya," the central bank stated. It further added that the National Treasury is actively developing and will issue regulations that will define the timeline for when licensing can commence.
This situation highlights a significant disconnect: visible crypto infrastructure is entering mainstream retail spaces, while regulators are informing the public that no operator possesses proper authorization.
The developments raise important questions regarding enforcement strategies and the compliance of crypto businesses operating within the country.
Bitcoin's Transition from Informal Spaces to Upscale Malls
The appearance of Bitcoin ATMs in high-end malls signifies an expansion of Kenya's informal crypto ecosystem, even as it operates within regulatory gray areas.
Capital News reported that while Bitcoin ATMs are only now beginning to reach more upscale malls, Bitcoin usage has already seen significant growth in lower-income neighborhoods, such as Kibera, where residents utilize BTC as a form of banking.
"In many cases, people in Kibera do not have an opportunity to secure their lives with normal savings," AfriBit Africa co-founder Ronnie Mdawida told the local outlet.
He explained that Bitcoin allows residents to hold value without requiring documentation or banking paperwork, describing this as "financial freedom" for individuals living on a dollar a day.