Mars Finance News: Some cryptocurrency startups have expressed concerns about Kenya's Virtual Asset Service Provider (VASP) bill, warning that the legislation might grant excessive influence to Binance-related lobbying groups, potentially undermining fair competition in the country's digital asset industry. Some Kenyan cryptocurrency stakeholders claim that the local Virtual Assets Association (VAC) conducted regulatory negotiations sponsored by Binance, lacking independence and acting as the exchange's proxy. Reports suggest that Binance pays VAC $6,000 per month in policy advocacy fees for each country under confidentiality agreements, raising market concerns that the lobbying group might distort Kenya's cryptocurrency regulations to benefit Binance and marginalize local participants. (Cointelegraph)
Analysis: Binance’s links to Kenyan crypto lobby raise monopoly concerns
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