Binance's Shadow Play in Kenya: Crypto Startups Sound Alarm Over VASP Bill
30.06.2025
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Kenya’s crypto scene is buzzing with drama as the proposed VASP Bill might just hand Binance the keys to the kingdom, sidelining local players. Here’s the scoop...
Kenya’s crypto startups are waving red flags over the Virtual Asset Service Providers (VASP) Bill, fearing it’s a backdoor for Binance to dominate the market. The Virtual Asset Chamber of Commerce (VAC), a lobby group with cozy ties to Binance, is set to snag a seat on the regulatory board. Critics are calling foul, pointing to VAC’s Binance-sponsored talks and lack of independence.
All regulation convos by VAC that happened recently have been sponsored by Binance. Then VAC, a private consulting entity, with a non-compete with Binance ‘magically’ gets a regulatory seat? How is this fair? How is this constitutional?
Leaked docs reveal Binance is funneling $6K monthly to VAC per country for policy advocacy. Smells like regulatory capture, doesn’t it? The fear is real: Kenya’s crypto rules could be tailor-made for Binance, leaving local innovators in the dust.
VAC’s director, Basil Ogolla, hits back, boasting about their two-year charm offensive with the IMF and Kenya’s Central Bank. But critics aren’t buying it, especially after VAC’s similar power grab in Rwanda.
Meanwhile, Binance is playing the long game globally, inking deals from Kyrgyzstan to advising governments on crypto reserves. Former CEO CZ even landed an advisory gig in Pakistan’s Crypto Council. Coincidence? We think not.
- • Kenya’s VASP Bill could skew the playing field in Binance’s favor.
- • VAC’s regulatory seat raises eyebrows over conflicts of interest.
- • Binance’s global expansion strategy includes cozying up to regulators.
#Binance#Political Impact on Cryptocurrency#legislation#regulation#Cryptocurrency market
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