Binance CEO Richard Teng to Visit South Korea Amid Regulatory Push
Binance CEO Richard Teng is about to go to South Korea subsequent week because the nation steps up efforts to formalize its digital asset regulatory framework.
Key Takeaways:
- Binance CEO Richard Teng will meet Korean officers to talk about crypto regulation and person safety.
- Binance was not too long ago acknowledged by Korean police for its function in combating cybercrime.
- The GOPAX acquisition stays stalled amid regulatory uncertainty in South Korea.
The go to comes at a time when native authorities are tightening oversight, and Binance is wanting to solidify its presence in certainly one of Asia’s most lively crypto markets, in accordance to a report by the Korea Times.
Teng is scheduled to attend the World Knowledge Forum on Tuesday, adopted by a keynote session at Cyber Summit Korea 2025, an occasion hosted by South Korea’s National Intelligence Service, on Wednesday.
Teng to Meet Korean Officials on Crypto Transparency and User Protection
During the journey, Teng will meet with regulators, regulation enforcement officers, and trade leaders to talk about cooperation on market transparency and person safety.
Binance has been ramping up its compliance efforts in South Korea.
Last week, the corporate obtained a certificates of appreciation from the Korean National Police Agency, recognizing its function in cybercrime prevention associated to digital property.
It’s the second such honor, making Binance the one international trade to be counseled twice by Korean authorities.
“In a quickly evolving regulatory panorama, investor safety and worldwide cooperation are important,” Teng mentioned forward of the journey.
“Given Korea’s important function within the international digital asset trade, I look ahead to partaking in significant discussions.”
Despite public gestures of cooperation, Binance continues to face hurdles. Its acquisition of local exchange GOPAX, first initiated in early 2023, has but to obtain regulatory clearance, leaving its entry into the Korean market in limbo.
GOPAX encountered monetary difficulties, leading to a halt of funds to customers of its decentralized finance (DeFi) service, GoFi.
Per their settlement, Binance would inject funds to cowl all withdrawal requests, staked deposits, and pursuits.
Teng’s go to seems aimed toward smoothing relations with native regulators whereas reinforcing Binance’s dedication to accountable progress.
South Korea Orders Crypto Exchanges to Halt Lending Services
Last month, South Korea’s monetary regulator moved to rein in risky lending practices within the digital asset sector, ordering native exchanges to droop all crypto lending providers till a correct regulatory framework is established.
The crackdown got here amid South Korea’s broader pivot towards regulated crypto adoption. Authorities are lifting restrictions on institutional buying and selling and getting ready to approve the country’s first spot crypto ETFs.
President Lee Jae Myung’s administration can be working on a stablecoin framework pegged to the Korean received, signaling a extra open method to digital finance regardless of the most recent curbs.
More not too long ago, Dunamu, the operator of South Korea’s largest cryptocurrency trade Upbit, unveiled a new custody service aimed toward company and institutional purchasers, as regulatory inexperienced lights for digital asset investments spark rising demand for safe storage options.
The service shops all deposited digital property in chilly wallets, solely offline and insulated from internet-based threats, to protect holdings from cyberattacks and different exterior breaches.
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