Richard Teng, the CEO of Binance, has reaffirmed that purchasing the local cryptocurrency exchange GOPAX is central to the company’s strategy for entering the South Korean market.
During a press conference in Seoul, Teng highlighted that gaining approval from regulators and shareholders is crucial before Binance can make additional investments in Korea.
The acquisition talks have been ongoing since 2023 but have encountered significant delays due to regulatory examinations concerning anti-money laundering practices, corporate transparency, and executive accountability.
Regardless of the obstacles in their path, Teng said Binance is ready to embark on its journey once it receives the necessary approvals.
Compliance Propositions at the Center of Binance’s Plans
In the briefing, Teng said Binance has committed to compliance in a way that will allow it to expand globally.
The exchange currently employs over 1,400 compliance professionals, which is nearly a quarter of the company’s total workforce.
The exchange boasts a roster of over 1,400 full-time compliance staff, comprising nearly 25% of its employees.
Teng remarked that Binance has transitioned its governance from a CEO-driven structure to a board-driven governance structure, which he described as aligning with global regulatory responses.
He pointed out that the company has launched licenses, or received approved licensing applications in 21 countries in Asia Pacific, Latin America and Europe.
Last year, Binance submitted 64,000 requests from law enforcement and agencies globally, which he said demonstrated the company is committed to transparency and working globally with regulators.
Also Read: US SEC Drops Lawsuit Against Binance, Signaling Regulatory Shift
Korea’s Regulatory Landscape Remains Uncertain
Although Binance has successfully overcome legal issues outside of Korea, including lawsuits settled in the U.S. and the departure of former CEO Changpeng Zhao, regulators in South Korea remain cautious.
The authorities have raised concerns regarding Binance’s governance issues and compliance history, with no clear timeline for approval.
Teng didn’t answer whether Binance would think about leaving Korea if they don’t get approved, but instead laid out optimism regarding legislative developments, especially the lawmakers’ willingness to propose the General Act on Digital Assets.
As Teng indicated, Korea’s desire to be known as a global digital asset hub is a good fit with Binance’s ambitions, so this makes it important to work together for both parties.
Also Read: Binance Crosses New Milestone, CEO Richard Teng Celebrates As User Count Crosses 280M Mark
Other Binance Regulatory and Structural Developments
Binance is still making changes across its various global operations to keep up with regulatory changes.
In Singapore, the exchange employed a 400-person workforce focused on compliance and technology, while avoiding customer-facing activities, in alignment with the Monetary Authority of Singapore (MAS), UnoCrypto reported.
Notably, we reported that the exchange appointed SB Seker as Head of APAC on the 1st of September, bringing over 20 years of regulatory and private sector experience to the position as it looks to enhance its performance in the Asia-Pacific region.
These changes signal Binance’s broader approach of improving governance and regulatory engagement as it seeks responsible scaling of its services in different markets.
Global Context: Regulatory Progress Beyond Binance
The developments in Korea occur amid broader shifts in the global crypto regulatory landscape.
Rival exchange Bybit announced full app and web access for Indian users on September 8th after they received local regulatory approval for a return to operations, according to UnoCrypto.
The company has ramped up its education, sponsorships, and community efforts, which clearly indicate a revived focus on competition in the crypto marketplaces in Asia.
For Binance, the emphasis on securing regulatory approval in Korea in particular is important, as it sees Korea as a critical linchpin in the global digital assets ecosystem.
With its liquidity, 290 million active users, and its improved compliance system, Binance will be prepared to be in a prime position if Korea eventually allows the full operation of such services.