Opinion: Binance's connection with the Kenya Cryptocurrency Committee raises monopoly concerns

ChainCatcher news, according to Cointelegraph, the proposed VASP (Virtual Asset Service Provider) bill in Kenya has raised concerns among local crypto startups, warning that the bill could give undue influence to lobbying groups associated with Binance, potentially undermining fair competition in the country's digital asset industry.

It is reported that VAC has hosted regulatory dialogues sponsored by Binance multiple times and has a vested interest with it, now being proposed to be included as a member of the regulatory committee. Sources say that Binance pays VAC $6,000 per month for policy lobbying, which could lead to new regulations favoring Binance and weaken market fairness.

In response, the head of VAC stated that it has engaged in policy communication with the IMF, the Central Bank of Kenya, and Parliament for two years, gaining national trust. Binance has not yet responded to this.