Binance CEO Richard Teng’s Upcoming Visit to South Korea
Binance CEO Richard Teng is set to visit South Korea next week as the country intensifies efforts to formalize its regulatory framework for digital assets. This visit comes at a time when local authorities are tightening oversight, and Binance appears to be strengthening its presence in one of Asia’s most active cryptocurrency markets, according to a report from Korea Times.
Key Events During the Visit
Teng is scheduled to participate in the World Knowledge Forum on Tuesday, followed by a keynote speech at the Cyber Summit Korea 2025, an event hosted by South Korea’s National Intelligence Service, on Wednesday. During his visit, Teng will meet with Korean officials to discuss cryptocurrency transparency and user protection.
Meetings with Regulatory Authorities
Throughout the trip, Teng will engage with regulatory authorities, law enforcement, and industry leaders to discuss collaboration on market transparency and user protection. Binance has intensified its compliance efforts in South Korea, recently receiving a recognition certificate from the Korean National Police Agency for its role in preventing cybercrime related to virtual assets. This marks the second such honor, making Binance the only foreign exchange to be recognized twice by Korean authorities.
“In a rapidly evolving regulatory landscape, investor protection and international cooperation are essential,” said Teng ahead of the trip. “Given Korea’s significant role in the global virtual asset industry, I look forward to engaging in meaningful discussions.”
Challenges Ahead for Binance
Despite public gestures of cooperation, Binance still faces challenges. Their acquisition of the local exchange GOPAX, initiated in early 2023, has yet to receive regulatory approval, leaving their entry into the Korean market in limbo. GOPAX has encountered financial difficulties, resulting in a suspension of payments to users of their decentralized finance (DeFi) service, GoFi. According to their agreement, Binance would inject funds to cover all withdrawal requests, staked deposits, and interest.
Regulatory Developments in South Korea
Teng’s visit seems aimed at smoothing relations with local regulatory authorities while reinforcing Binance’s commitment to responsible growth. Recently, South Korea’s financial regulator took steps to limit risky lending practices in the digital asset sector, ordering local exchanges to suspend all cryptocurrency lending services until a proper regulatory framework is established. This crackdown comes amid South Korea’s broader shift towards regulated cryptocurrency adoption.
The authorities are lifting restrictions on institutional trading and preparing to approve the country’s first spot cryptocurrency ETFs. President Lee Jae Myung‘s administration is also working on a stablecoin framework linked to the Korean won, signaling a more open approach to digital finance despite recent restrictions.
New Developments in Cryptocurrency Custody
Recently, Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, introduced a new custody service aimed at corporate and institutional clients. As regulatory approvals for investments in virtual assets create increasing demand for secure storage solutions, this service stores all deposited digital assets in cold wallets, completely offline and isolated from internet-based threats, to protect holdings from cyberattacks and other external breaches.
