Binance CEO Richard Teng highlights the company’s heavy investment in compliance as it seeks regulatory approval to finalise its stalled acquisition of GOPAX and enter South Korea’s crypto market.
Compliance at the Centre of Strategy
Binance, the world’s largest cryptocurrency exchange by trading volume, has reaffirmed that its path into South Korea depends on regulatory approval for its proposed acquisition of local exchange GOPAX.
Speaking in Seoul on Monday, CEO Richard Teng underlined that compliance is at the heart of the company’s strategy. “For us to be deployed in Korea, we first need the relevant regulatory approval. Second, we need the relevant shareholder approval,” Teng told reporters. “We need clarity for us to continue to invest. We are looking forward to that.”
Teng declined to confirm whether Binance would consider exiting Korea if approval was denied, nor did he disclose the timeline or details of discussions with local regulators.
Stalled Deal and Regulatory Concerns
Binance has been trying to acquire GOPAX since 2023, but regulators have delayed approval, effectively blocking foreign investment in the sector. At the time, Korean authorities raised concerns over potential violations of U.S. anti-money laundering laws, opaque financial structures and the criminal records of some executives.
Since then, many of those issues have eased. Binance has resolved several legal disputes in the United States, resumed normal operations, and seen its former chief executive, Changpeng Zhao, step down. In May, the U.S. Securities and Exchange Commission dropped its lawsuit against Binance and Zhao, reducing a major source of regulatory pressure.
Compliance as a “Significant Advantage”
Despite these developments, the outlook in Korea remains uncertain. Teng stressed that Binance has worked to position compliance as its strongest asset. “We are the most regulated compliant global exchange today. We have regulatory approval from 21 countries around the world, including in the Asia-Pacific, Latin America and Europe,” he said.
He pointed out that Binance now employs more than 1,400 people in compliance roles, representing 23 percent of its workforce. The company has also shifted from a CEO-led model to board-driven governance.
“Last year alone, we received 64,000 requests from law enforcement agencies around the world (for cooperation),” Teng added.
Korea’s Crypto Ambitions
Binance has expressed optimism about South Korea’s policy direction. Teng welcomed the introduction of the General Act on Digital Assets by Korean lawmakers, seeing it as a positive step for the industry.
“As the largest crypto exchange in the world, we want to support Korea’s ambition to become a crypto hub in the world,” he said.
With 29 million global users and what it describes as unrivalled liquidity, Binance believes it is well-placed to contribute to South Korea’s efforts to expand its role in digital finance.
