Binance CEO met with some local authorities in South Korea to discuss the challenges Binance Exchange faces in entering the Korean crypto market.
Binance is a crypto exchange that ranks the best in terms of 24-hour crypto trading volume on this platform. Led by Binance co-founder and former CEO Changpeng Zhao (CZ), this crypto exchange secured the top position in the industry within three years of its launch date.
In recent months, many media reports have confirmed that the Binance exchange was having a hard time entering the Korean crypto market.
Binance Exchange has reportedly acquired a significant number of shares in the Gopax crypto exchange, a South Korean crypto exchange, so that Binance can enter the Korean market with a new subsidiary.
The local authorities have raised several concerns regarding Gopax and this is why Binance is facing a huge battle.
To clear the legal hurdles and reach a resolution, current Binance CEO Richard Teng reportedly visited South Korea last week and met with local authorities.
It is worth knowing that the crypto exchange Gopax collapsed in 2022, after the bankruptcy of the crypto exchange FTX. When Gopax announced that it could not release the crypto assets to all its customers, Binance acquired the majority of the shares in Gopax and promised to compensate all customers.
Binance vs Nigeria
The crypto exchange Binance is also facing huge legal hurdles in Nigeria’s jurisdiction.
Just a month ago, Nigerian authorities arrested two Binance executives and also alleged that Binance’s crypto services had a major impact on the country’s sovereign fiat currency and also provided services to the bad actors to facilitate illegal financing.
Reportedly, some crypto advocacy groups have been working together to pressure the Nigerian authorities to resolve the matter with a systematic proceeding and holding a meeting between Binance and the authorities.
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