Binance ties to Kenyan crypto board raise monopoly concerns: Report

Kenya’s crypto startups fear a Binance-linked lobby group could tilt new regulations in the exchange’s favor under the proposed VASP bill.

Some crypto startups have raised concerns about Kenya’s proposed Virtual Asset Service Providers (VASP) Bill, warning that it could grant disproportionate influence to a Binance-linked lobby group and jeopardize fair competition in the country’s digital asset sector.

According to disclosures seen by The Kenyan Wall Street, a private think tank called the Virtual Asset Chamber of Commerce (VAC) will be included on the regulatory board established under the draft law.

Some crypto stakeholders in Kenya claim that VAC has run Binance-sponsored regulatory talks, lacks independence and acts as a proxy for the exchange.

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