Binance CEO visits South Korea, may hold talks with financial authorities regarding GoPax governance

ChainCatcher news reports that Binance CEO Richard Teng recently made a secret visit to South Korea. It is reported that Teng is directly communicating with South Korean financial authorities to resolve the stagnation issue regarding entry into South Korea. Binance acquired Gopax at the end of 2022 to enter the South Korean market. However, the company has faced difficulties in entering the South Korean market due to the financial authorities not approving the changes to Gopax's virtual asset business registration for over a year.

The South Korean Financial Intelligence Unit (FIU) has also requested that Gopax's partner bank, Jeonbuk Bank, submit a plan for improving Gopax's governance and execution by the end of March. In response, Gopax sent a request to its "GoFI" users last month to convert bonds into shares. The aim is to reduce Binance's stake in the company by increasing the shareholding of high-frequency users.

Richard Teng is expected to discuss these governance improvement measures with the authorities during his visit.