According to Korean media reports, Binance CEO Richard Teng entered South Korea with an undisclosed itinerary. It is reported that during this visit to South Korea, he will try to communicate with financial authorities, including meeting with officials from the Financial Intelligence Unit (FIU). Resolve the deadlocked issue of entering South Korea.
Binance acquired Gopax at the end of 2022 and began to enter the Korean market. But for more than a year, the financial authorities have not accepted Gopax's report on changes in virtual asset business, making it difficult for it to enter the Korean market. Richard Teng is expected to discuss measures to improve the governance structure with government officials during his visit to South Korea and adopt strategies to save Gopax.
In addition, Binance recently hired a government official from the Financial Supervisory Service, who is also said to focus on improving Gopax's governance structure.