• Binance CEO Richard Teng secretly visited Korea to engage authorities on its entry into the Korean market.
• Binance is entering Korea by acquiring Gopax, a local virtual asset platform.
• However, regulators have been stalling approval of Gopax’s proposed change.

According to a local report, Binance CEO Richard Teng made a secret visit to Korea to engage directly with financial authorities to break the deadlock surrounding its entry into the Korean market. The report noted that Binance has been in a prolonged dispute with Korean regulators over acquiring Gopax, a local virtual asset platform.

It began when Binance acquired Gopax in late 2022, intending to tap into the Korean market. However, regulatory hurdles emerged as Korean financial authorities declined to approve Gopax’s change of virtual asset business report for over a year. 

To potentially resolve this issue, CEO Richard Teng reportedly entered Korea last Wednesday, March 27. According to local media outlet News1.kr, Teng’s visit includes high-level discussions with officials from the Financial Intelligence Unit (FIU), among other regulatory bodies. 

Notably, Binance’s decision to acquire …

The post Binance CEO Secretly Visits Korea to Engage Regulators About Gopax appeared first on Coin Edition.

• Binance CEO Richard Teng secretly visited Korea to engage authorities on its entry into the Korean market.
• Binance is entering Korea by acquiring Gopax, a local virtual asset platform.
• However, regulators have been stalling approval of Gopax’s proposed change.

According to a local report, Binance CEO Richard Teng made a secret visit to Korea to engage directly with financial authorities to break the deadlock surrounding its entry into the Korean market. The report noted that Binance has been in a prolonged dispute with Korean regulators over acquiring Gopax, a local virtual asset platform.

It began when Binance acquired Gopax in late 2022, intending to tap into the Korean market. However, regulatory hurdles emerged as Korean financial authorities declined to approve Gopax’s change of virtual asset business report for over a year. 

To potentially resolve this issue, CEO Richard Teng reportedly entered Korea last Wednesday, March 27. According to local media outlet News1.kr, Teng’s visit includes high-level discussions with officials from the Financial Intelligence Unit (FIU), among other regulatory bodies. 

Notably, Binance’s decision to acquire …

The post Binance CEO Secretly Visits Korea to Engage Regulators About Gopax appeared first on Coin Edition.