Binance to address Kenyan account freezes in X Spaces

Binance will hold a live X Spaces session next week with the AML Association of Kenya to address complaints from Kenyan users who say their accounts were frozen after requests from law enforcement. The session was announced by comedian Eddie Butita on X; organizers announced the exact date and time will be published ahead of the event.

Traders have posted on X that funds were locked following requests from the Directorate of Criminal Investigations. Several users reported accounts frozen for more than two months without charges, a court order or a timetable for resolution. One trader wrote on X: “No complainant identified. No formal charges. No timeline given. Funds remain inaccessible. Meanwhile, real life doesn’t pause. Bills are piling up. Debt is growing.”

The online response has grown under the hashtag #BinanceUnmasked, and some users have circulated calls for a boycott. Comment threads under Butita’s post were largely negative. Many Kenyans use crypto exchanges for payments, remittances and savings.

Binance has stated it cooperates with local law enforcement and follows current regulations. The company plans the X Spaces session to explain its compliance procedures and to answer questions about access to funds and the legal process.

Kenya passed the Virtual Assets Service Providers Act in 2025 and amended the Proceeds of Crime and Anti-Money Laundering Act to classify crypto platforms as reporting entities. The National Treasury has received submissions on draft Virtual Asset Service Provider Regulations 2026. The draft proposes capital requirements that could reach Ksh 500 million for stablecoin issuers, stronger anti-money-laundering and counter-financing-of-terrorism safeguards, consumer protection rules, asset isolation and limits on market manipulation. Supervision would be shared between the Central Bank of Kenya and the Capital Markets Authority.

Traders, regulators and industry groups are watching how those rules will be applied and how exchanges will balance cooperation with authorities and customer protections. Organizers wrote that additional details about the X Spaces session will be announced before the event.