Binance Ties to Kenyan Crypto Board Raise Concerns

Crypto News Regulation

Binance Ties to Kenyan Crypto Board Raise Fairness Questions

Written by Aaron S.,

Editor-In-Chief

Last Updated: June 30, 2025

Key Takeaways

Kenyan startups fear Binance-linked VAC could steer crypto rules to favor the exchange;
Binance reportedly paid VAC $6,000 monthly per country for policy advocacy work;
Critics warn VAC’s board role may hurt Kenya’s credibility with global regulators.

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Binance Ties to Kenyan Crypto Board Raise Fairness Questions

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Kenya’s efforts to set rules for digital asset companies have raised concerns among some local crypto startups.

A new bill, which would create a regulatory body for the sector, includes a group called the Virtual Asset Chamber of Commerce (VAC) in its governance structure.

Startups claimed that this group has close ties to Binance $4.16B and could influence the future of crypto regulation in the country.

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The Kenyan Wall Street reviewed documents showing VAC will have a seat on the regulatory board if the bill passes. Some entrepreneurs argued that Binance has funded VAC's public events and discussions, and that the group acts more like a partner than a neutral advisor.

According to the report, Binance paid VAC $6,000 per country each month for policy support. This has raised worries that VAC could push for regulations that favor Binance.

The report also mentioned past efforts by VAC to become involved in Rwanda’s crypto rules, which led some to question whether the group is serving wider interests or simply representing Binance.

A Kenyan industry stakeholder warned that allowing a group tied to a crypto exchange to help shape rules could hurt Kenya’s international standing.

However, VAC’s director, Basil Ogolla, stated that VAC has held discussions with the IMF, the Central Bank of Kenya, and the National Assembly. According to him, being included in the regulatory process is a result of this track record and the trust the group has built.

Meanwhile, a US Senate meeting held to discuss potential new rules for the digital asset market saw only a few lawmakers attend. How did Senator Cynthia Lummis respond? Read the full story.