The Binance CEO met with some local authorities in Korea and discussed the challenges the Binance exchange is facing in entering the Korean cryptocurrency market.
Binance is the leading cryptocurrency exchange by 24-hour cryptocurrency trading volume on this platform. Under the leadership of Binance co-founder and former CEO Changpeng Zhao (CZ), the cryptocurrency exchange ranked first in its category within three years from its launch date.
Over the past few months, many media reports have confirmed that Binance exchange is struggling to enter the Korean cryptocurrency market.
Binance Exchange is known to have acquired a significant portion of Gopax Exchange, a domestic cryptocurrency exchange, so that Binance can enter the Korean market with a new subsidiary.
Local authorities have raised several concerns regarding Gopax, which is why Binance is facing major difficulties.
To resolve the legal issue and find a solution, current Binance CEO Richard Teng reportedly visited Korea last week and met with local authorities.
It is worth knowing that the Gopax cryptocurrency exchange collapsed in 2022 after the FTX cryptocurrency exchange went bankrupt. When Gopax announced that it could not release cryptocurrency assets to all customers, Binance acquired a majority stake in Gopax and promised to compensate all customers.
Binance vs Nigeria
Binance cryptocurrency exchange also faces enormous legal hurdles in Nigerian jurisdictions.
Just over a month ago, Nigerian authorities arrested two Binance executives, claiming that Binance’s cryptocurrency services had a significant impact on the country’s fiat currency and that it provided services to malicious actors to facilitate illicit financing. .
According to reports, some cryptocurrency advocacy groups have joined forces to pressure Nigerian authorities to resolve the issue through a structured process and hold a meeting between Binance and the authorities.
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