Bitcoin ATMs branded “Bankless Bitcoin” have been spotted in busy shopping centers in Nairobi, including outlets at Two Rivers Mall and Ngong Road in Westlands.
According to local reports, the orange machines are now installed next to regular bank ATMs, offering fast cash-to-Bitcoin and selling the option to mall visitors.
The existence of kiosks attracted attention because Kenya’s new Virtual Assets Service Providers Act came into effect on November 4, 2025.
Regulators say there are no VASP licenses
A joint notification from the Central Bank of Kenya (CBK) and the Capital Markets Authority (CMA) emphasized that neither agency has yet granted licenses to VASPs under the new law.
According to reports, the National Treasury is still drafting detailed rules to begin the formal licensing process.
Until the rules are made public, regulators have warned that companies claiming to be licensed are operating in violation of the law.
Buy Bitcoin in Kenya on the ground floor of Two Rivers Mall next to Levi’s store. Minimum purchase amount is ksh 1. The machine is installed. @BanklessBitcoin Only chain deposits and withdrawals are accepted from all wallets. https://t.co/dWBXPz8V7H pic.twitter.com/HFlG1lUEpb
— Bitcoin Nairobi (@btcnairobi) November 16, 2025
Grassroots uses old mall machines.
Outside of shopping centers, cryptocurrency use has already been tested in low-income areas. Fintech group AfriBit Africa will begin trial payments with Bitcoin in Soweto West, part of Kibera, in 2022, according to reports.
The project distributed small grants after a weekend of clean-up, and AfriBit says about $10,000 has been distributed so far. About 200 people in that community now use Bitcoin for savings or payments, and it is accepted by some local merchants and so-called “boda boda” (cross-border) motorcycle riders.
For people who lack identification or bank accounts, holding Bitcoin value has been described by project leaders as a form of financial freedom, especially for those who live on about $1 a day.
ATM Gets Quick Access and Important Questions
Kiosks make buying and selling cryptocurrency as simple as using an ATM. This convenience also brings immediate concerns about the operators, what kind of identity verification they use, and how customer funds are handled after each transaction.
These details are unclear from public images and initial reports. Bitcoin’s price fluctuations mean it can lose value quickly after someone purchases it.
At the same time, the regulator said the law included provisions to combat money laundering and terrorist financing and designated CBK and CMA as joint supervisors with oversight responsibilities.
Regulatory steps and consumer protection
The VASP Act sets out obligations for service providers once licensing commences, including measures to prevent illicit finance.
Based on the report, the law seeks to balance consumer protection with new services that will operate under supervision.
The Treasury Department’s upcoming regulations will determine how stringent KYC requirements will be, what trading limits may apply, and how oversight will be shared between the two agencies.
Featured image from Capital News, chart from TradingView
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