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Analysis: Binance's Connection with Kenyan Cryptocurrency Committee Raises Monopoly Concerns
Summary: According to reports, some cryptocurrency startups have expressed concerns over the proposed Virtual Asset Service Providers (VASP) Bill in Kenya, warning that the bill could give lobbying groups associated with Binance too much influence, potentially disrupting fair competition in the country's digital asset industry. Some cryptocurrency stakeholders in Kenya claim that the local Virtual Asset ...
According to reports, some cryptocurrency startups have expressed concerns over the proposed Virtual Asset Service Providers (VASP) Bill in Kenya, warning that the bill could give lobbying groups associated with Binance too much influence, potentially disrupting fair competition in the country's digital asset industry. Some cryptocurrency stakeholders in Kenya claim that the local Virtual Asset Council (VAC) engaged in regulatory negotiations sponsored by Binance, lacking independence and acting as an agent for the exchange. It is reported that Binance pays VAC $6,000 per country per month for policy advocacy fees under a confidentiality agreement, sparking market concerns that the lobbying group may distort Kenya's cryptocurrency regulations to benefit Binance and squeeze out local participants.
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Link: Analysis: Binance's Connection with Kenyan Cryptocurrency Committee Raises Monopoly Concerns [Copy]
