CEO of Binance Makes Secret Visit to South Korea Amid Regulatory Hurdles

Richard Teng, CEO of Binance, has made a clandestine visit to South Korea to engage with financial authorities regarding Binance’s stalled entry into the country’s market. Binance’s attempts to enter South Korea have been hindered by regulatory obstacles, particularly concerning its acquisition of Gopax. Financial authorities have delayed approval of Gopax’s license change, citing concerns about Binance’s legal risks, especially after facing a significant fine from the US Department of Justice. Teng’s visit aims to discuss governance improvements and potentially resolve these issues. Teng’s background at the Monetary Authority of Singapore underscores his emphasis on compliance. Binance has also bolstered its government affairs team to address regulatory concerns and improve Gopax’s governance.

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