Kenya’s Draft VASP Bill Raises Concerns Over Binance’s Alleged Influence

Kenya's proposed Virtual Asset Service Providers (VASP) Bill has sparked controversy among local cryptocurrency operators. The draft legislation grants the Virtual Asset Chamber of Commerce a significant role in selecting members for the country's new crypto regulatory board, which will include government representatives, central bank officials, and industry experts. Critics have raised concerns about the chamber's alleged monthly $6,000 funding from Binance, suggesting potential undue influence over Kenya's emerging crypto regulatory framework. This development comes at a time when global cryptocurrency exchanges are increasingly seeking to establish footholds in African markets, with Kenya being one of the continent's most active digital asset economies. The proposed regulatory structure could set important precedents for how African nations approach cryptocurrency regulation in the future, making the transparency and independence of these regulatory bodies particularly crucial for the healthy development of the sector.

Kenya’s Proposed VASP Bill Sparks Concerns Over Binance Influence

Kenya's draft VIRTUAL Asset Service Providers Bill has drawn scrutiny from local cryptocurrency operators. The legislation grants the Virtual Asset Chamber of Commerce significant influence in selecting members for Kenya's new crypto regulatory board—a body that will include government representatives, central bank officials, and industry experts.

Critics allege the chamber receives $6,000 monthly from Binance to advance the exchange's interests, potentially skewing regulations in favor of the global giant. Binance-funded educational events organized by the group have further raised questions about impartiality. Smaller domestic firms fear being squeezed out by rules crafted to benefit a single dominant player.

The controversy carries international ramifications. Observers warn Kenya risks being flagged for financial monitoring if perceived as enabling regulatory capture. Similar concerns emerged when the chamber reportedly attempted to shape crypto policies in Rwanda.

Basil Ogolla, the chamber's director, defends its role citing two years of collaboration with Kenyan authorities and international institutions like the IMF. The debate underscores growing pains as emerging markets balance innovation with oversight in digital asset regulation.

Bhutan Prepares Potential $15M Bitcoin Sale as Holdings Approach $1.3B

The Royal Government of Bhutan moved 137.245 BTC ($14.77M) to Binance on June 30, according to Arkham Intelligence blockchain data. This transfer coincides with Bhutan's total Bitcoin holdings reaching 11,924 BTC ($1.28B) at current prices near $107,000 per coin.

The Himalayan kingdom has emerged as a crypto heavyweight, with state-backed mining operations under Druk Holdings driving accumulation. Partner Bitdeer Technologies plans to expand local mining capacity to 600MW by 2025, cementing Bhutan's strategic position.

Market observers speculate about selling pressure as large holders capitalize on profits. The transaction highlights an often-overlooked dynamic: institutional players balancing corporate buying waves with measured profit-taking.

Crypto Market Sees $222M Liquidation as Bitcoin, Altcoins Stagnate

The cryptocurrency market opened the week with muted price action, signaling a cooling trend across digital assets. Bitcoin hovered near flat with $40 billion in volume, maintaining its 64.6% dominance at a $2.24 trillion market valuation. Ethereum showed resilience above $2,400 while XRP clung to $2.17, though both mirrored BTC's stagnation.

Liquidation data revealed the market's fragility—89,143 traders faced $222.42 million in forced closures within 24 hours. Binance saw the single largest blow: a $12.2 million BTC/USDT position wiped out. The figures underscore growing uncertainty as major cryptocurrencies fail to gain momentum.

SEC Approves Solana ETF Amid Market Turbulence

The U.S. Securities and Exchange Commission has greenlit a solana ETF, sending shockwaves through digital asset markets. This landmark decision coincides with heightened regulatory scrutiny and geopolitical tensions, as the EU prepares tariff negotiations with the U.S. following Canada's reversal on digital taxation policies.

Ethereum shows concerning on-chain activity, with sustained capital inflows to Binance signaling potential volatility. Altcoins remain under pressure, with ETH struggling below the $2,500 psychological threshold. Market analysts detect brewing storm clouds as institutional participation reshapes the crypto landscape.

Bhutan's $14M Bitcoin Transfer to Binance Sparks Market Speculation

The Royal Government of Bhutan has moved 137 BTC (worth $14.77 million) to Binance—its first on-chain transaction in seven months. This transfer from a nation holding over $1.1 billion in bitcoin immediately fueled debate: profit-taking or strategic positioning?

On-chain data reveals Bhutan retains 11,924 BTC ($1.1 billion) despite the Binance deposit. The Himalayan kingdom, through its sovereign fund Druk Holdings & Investments, emerged as a quiet crypto accumulator since 2023. Recent collaboration with Binance suggests broader ambitions beyond liquidation—possibly infrastructure development or payment system integration.

Market observers note the transaction's timing coincides with Bhutan's public commitment to operationalize cryptocurrency. During a Binance-hosted forum, officials outlined plans to transition digital assets from theory to practical use—hinting this transfer may fund ecosystem development rather than capitalize on BTC's rally.

BNB Consolidates at $653 as BlockDAG's $326M Fundraise and U.S. Expansion Plans Draw Market Attention

Binance Coin (BNB) hovers NEAR resistance at $653, with traders monitoring MACD and RSI indicators for breakout signals. The token's sideways movement reflects broader market hesitation, as similar assets show tight trading ranges and muted volatility.

BlockDAG emerges as a focal point, having raised $326 million ahead of its U.S. market push. The project distinguishes itself through real-world utility ambitions, targeting fintech integration and enterprise adoption. Its fixed $0.0016 presale price until August 11 provides stability amid speculative markets.

The U.S. expansion strategy emphasizes regulatory compliance and institutional-grade infrastructure. BlockDAG positions itself as a bridge between traditional finance and blockchain, with tools designed for Web2 compatibility—a deliberate contrast to purely speculative crypto projects.