South Korean financial authorities are reviewing Binance's operations in the country and requiring Gopax to reapply for its license

According to ChainCatcher news, the Korea Daily reported that South Korean financial authorities stated that Binance's governance structure, operational methods, and accounting systems for its trading platform business in the country are opaque, posing risks of illegal money laundering and other financial crimes, and they are currently reviewing these operations.

It is reported that earlier this month, Binance planned to enter the country by acquiring a 40% stake in Gopax, the fifth largest exchange in South Korea. The main executives of Gopax have been replaced by Binance personnel, and financial authorities have requested Gopax to reapply as a Virtual Asset Service Provider (VASP) or to regulate Gopax by not providing real-name accounts through commercial banks. Currently, Jeonbuk Bank, which provides real-name accounts to Gopax, is considering whether to continue offering real-name accounts after Binance's acquisition officially takes effect. (Source link)