TechFlow reports that Binance CEO Richard Teng has secretly visited South Korea, where he attempted to engage with financial authorities, including meeting officials from the Financial Intelligence Unit (FIU), to resolve the stalled market entry issue.
Binance began entering the South Korean market by acquiring Gopax at the end of 2022. However, for over a year, financial regulators have not approved Gopax's report on changes to its virtual asset business, leaving its market entry in limbo. During his visit, Richard Teng is expected to discuss measures with government officials to improve governance structures and formulate strategies to rescue Gopax.
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