Richard Teng’s Upcoming Visit to South Korea
Richard Teng, the Chief Executive Officer of Binance, is preparing for a trip to South Korea next week as the nation intensifies its focus on establishing a regulatory framework for digital assets. This upcoming visit coincides with increased scrutiny from South Korean authorities, as Binance aims to bolster its influence in one of the most vibrant cryptocurrency markets in Asia, as detailed in a report by the Korea Times.
Scheduled Events and Discussions
Scheduled events for Teng include participation in the World Knowledge Forum on Tuesday, followed by a keynote presentation at Cyber Summit Korea 2025 on Wednesday—a conference organized by the National Intelligence Service of South Korea.
A significant aspect of Teng’s visit will involve discussions with various stakeholders, including regulators, law enforcement personnel, and industry professionals, centered on enhancing market transparency and safeguarding user interests. Binance has made strides in strengthening its compliance posture within South Korea, recently receiving commendation from the Korean National Police Agency for its contributions to combatting cybercrime linked to virtual assets. This marks the second time that the platform has been acknowledged by local authorities, making it unique as the only foreign exchange to achieve this recognition on two occasions.
“In a swiftly changing regulatory landscape, ensuring investor protection and fostering international collaboration are crucial,” Teng remarked, expressing optimism about constructive dialogues during his stay.
Challenges in the South Korean Market
However, Binance is still navigating obstacles in its operations within the country. Its planned acquisition of the local exchange GOPAX, which began in early 2023, has yet to gain regulatory approval, creating uncertainty around Binance’s engagement in the South Korean market. Adding to the complexities, GOPAX has faced financial distress, leading to a suspension of payments to users using its decentralized finance (DeFi) service, known as GoFi. Under their agreement, Binance is expected to provide financial support to fulfill all withdrawal requests, as well as settle staked deposits and accrued interest.
Teng’s visit appears to be strategic in fostering better relationships with regulators, while also reaffirming Binance’s pledge toward responsible expansion in the cryptocurrency sector.
Regulatory Developments in South Korea
In a related development, South Korea’s financial regulatory body recently mandated local cryptocurrency exchanges to cease all lending operations within the digital asset market until an adequate regulatory framework is established. This initiative is part of South Korea’s broader strategy to embrace regulated cryptocurrency practices, which includes easing trading restrictions for institutional investors and advancing plans for the country’s inaugural spot cryptocurrency exchange-traded funds (ETFs).
Additionally, the administration of President Lee Jae Myung is devising a stablecoin framework pegged to the Korean won, reflecting a willingness to adopt a more open stance towards digital finance, despite the ongoing regulatory pressure. Recently, Dunamu, which operates the largest cryptocurrency exchange in the country, Upbit, launched a new custody service targeting corporate and institutional clients. This service promises to keep all deposited digital assets in cold wallets—completely offline and secure against online threats—catering to growing demand for reliable asset storage solutions as regulatory approvals for virtual asset investments gain momentum.
