Analysis: Binance's connection with Kenya Cryptocurrency Commission raises concerns about monopoly

Odaily Planet Daily News: Some cryptocurrency startups have expressed concerns about Kenya's proposed Virtual Asset Service Providers (VASP) bill, warning that the bill could give too much influence to Binance related lobbying groups and potentially undermine fair competition in the country's digital asset industry. Some cryptocurrency stakeholders in Kenya claim that the local Virtual Asset Chamber of Commerce (VAC) conducted regulatory negotiations sponsored by Binance, lacked independence, and acted as an agent for the exchange. The report states that Binance pays VAC a monthly policy promotion fee of $6000 per country, citing confidentiality agreements, which has raised market concerns that the lobbying group may distort Kenya's cryptocurrency rules to benefit Binance and exclude local participants. （Cointelegraph）