Onramp.Money collaborates with Paxful to launch fiat-to-cryptocurrency service in Kenya
In a significant move, Paxful, the popular peer-to-peer Bitcoin trading platform, has partnered with Onramp.Money to introduce a new feature that enables instant digital asset purchases with fiat currency. This feature is now available in 30 regions, including key markets such as Vietnam, Mexico, Colombia, Brazil, and Kenya.
The new feature allows users to purchase cryptocurrency directly with fiat, making it easier and more convenient for traders to access digital assets. This development comes after Paxful resumed operations in May 2022, following a brief suspension due to regulatory uncertainties in the United States and key staff exits.
Roshan Dharia was appointed as the interim CEO of Paxful in May 2022, replacing former CEO and co-founder Ray Youssef. As of 2025, Paxful continues to operate with a strong user base in multiple African countries, including Nigeria, South Africa, Kenya, Mozambique, Mauritius, Algeria, Egypt, and Rwanda.
The peer-to-peer cryptocurrency trading landscape in Africa has been facing challenges since the market downturn of 2022. In some countries, regulatory uncertainties persist, while in others, formal licensing regimes have been established.
In Nigeria, for example, a banking ban on crypto services was implemented in 2021, though it was officially reversed in 2023. Despite the reversal, crypto activities largely exist informally without formal licensing, and restrictions such as domain blocking and service suspensions on platforms like Binance continue. Paxful usage persists but must navigate this uncertain regulatory environment.
On the other hand, South Africa has established a formal crypto licensing regime since 2023, granting licenses to crypto service providers and enabling cooperation with banks for smoother operations. This regulatory clarity benefits licensed platforms by allowing access to banking services, something Paxful likely leverages indirectly through partners or users.
To maintain platform integrity and avoid regulatory breaches, Paxful employs enhanced security measures including geolocation locks and compliance with international sanctions (e.g., OFAC sanctions).
While there is no precise public update on new partnerships or management changes for Paxful in Africa post-2022, the platform remains operational and popular in several African countries by 2025, adapting to diverse regulatory landscapes and continuing to facilitate P2P Bitcoin trading. The broader African crypto industry environment sees growing regulatory formalization in some countries like South Africa, alongside persistent informal and partly restricted markets such as Nigeria, influencing how Paxful and similar platforms operate regionally.
In a separate development, Bitcoin P2P platform LocalBitcoins shut down in February 2022, citing market conditions. However, Paxful continues to thrive, demonstrating its resilience and adaptability in the ever-evolving cryptocurrency landscape.
- Paxful, despite regulatory challenges in some African countries like Nigeria, continues to operate and thrive, offering its P2P Bitcoin trading services in regions such as Kenya, South Africa, and Rwanda.
- The collaborative partnership between Paxful and Onramp.Money has introduced a feature that allows users to purchase digital assets directly with fiat currency, expanding access to blockchain technology and cryptocurrencies like Bitcoin in Africa.
- As the African crypto industry experiences varying levels of formalization in licensing regimes, platforms like Paxful are adapting to diverse regulatory landscapes, employing enhanced security measures to maintain platform integrity and avoid regulatory breaches.
