Analysis: Binance’s links to Kenya’s cryptocurrency council raise monopoly concerns

Odaily News Some cryptocurrency startups have expressed concerns about Kenya's proposed Virtual Asset Service Provider (VASP) bill, warning that the bill could give excessive influence to lobbying groups associated with Binance, which could undermine fair competition in the country's digital asset industry. Some cryptocurrency stakeholders in Kenya claim that the local Virtual Asset Chamber (VAC) conducted regulatory negotiations sponsored by Binance, lacked independence and acted as an agent of the exchange. Binance reportedly paid VAC $6,000 per country per month for policy advocacy, citing a confidentiality agreement, which raised market concerns that the lobbying group could distort Kenya's cryptocurrency rules to benefit Binance and exclude local players. (Cointelegraph)