Binance ties to Kenyan crypto board raise monopoly concerns: Report

Binance’s Role in Kenyan Crypto Board Sparks Monopoly Debate

The post Binance’s Role in Kenyan Crypto Board Sparks Monopoly Debate appeared on BitcoinEthereumNews.com. Critics argue that VAC’s close financial ties to Binance—and reportedly receiving $6,000 per country for advocacy—create a very clear conflict of interest that could skew Kenya’s crypto regulations in favor of the global exchange. This could potentially sideline local players and damage Kenya’s reputation with global watchdogs like FATF. Me…

Binance’s Ties to Kenyan Crypto Board Spark Monopoly Fears Amid Regulatory Push

Kenya’s fast-growing cryptocurrency industry is facing a storm of controversy as the government moves to regulate the sector through the Virtual Asset Service Providers (VASP) Bill. At the center of the debate is the proposed formation of a regulatory board that includes the Virtual Asset Chamber (VAC), a private body reportedly backed by Binance, the […] The post Binance’s Ties to Kenyan Crypto Board Spark Monopoly Fears Amid Regulatory Push ap…

Binance Ties to Kenyan Crypto Board Spark Monopoly Concerns

Binance’s Influence Under the Spotlight in Kenya’s New Crypto Bill Kenya’s proposed Virtual Asset Service Providers (VASP) Bill is facing withering criticism from Kenyan crypto startups, who contend that it would place excessive power in the hands of a Binance-affiliated lobby association, the Virtual Asset Chamber of Commerce (VAC). The bill mandates a regulatory board that should oversee the country’s digital asset market. However, news that V…

Crypto Startups Raise Alarm Bells in Kenya's VASP bill, alleges Binance-backed Monopoly - CoinCodeCap

Key Takeaways According to the proposed law, VAC will be included as a nominating body on the regulatory board.  They argue that recent policy events held by VAC were funded by Binance, and that the organization should not be awarded a regulatory role. Several crypto startups in Kenya are raising concerns over a provision in the country’s proposed Virtual Asset Service Providers (VASP) Bill that would give a Binance-linked organization, the Vir…

Kenyan Crypto Firms Voice VAC Board Appointment Concerns

Cointelegraph reports that Kenya's proposed VASP Bill faces opposition from local crypto startups. The Virtual Asset Chamber of Commerce (VAC) will gain a seat on the regulatory board. Critics claim VAC receives $6,000 monthly from Binance for policy advocacy work.Local stakeholders question the appointment's fairness. One told The Kenyan Wall Street that VAC runs Binance-sponsored regulatory discussions. The stakeholder questioned how a private…

Kenya’s VASP Bill Sparks Fears of Binance-Backed Monopoly - Invest In Crypto News

Some crypto startups are raising concerns over Kenya’s proposed virtual asset service providers (VASP) Bill, warning it could hand outsized influence to a Binance-linked lobby group, potentially undermining fair competition in the country’s digital asset industry. 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 un…