Binance CEO Richard Teng to Visit South Korea Amid Regulatory Push

Binance CEO Richard Teng is set to visit South Korea next week as the country steps up efforts to formalize its digital asset regulatory framework.

The visit comes at a time when local authorities are tightening oversight, and Binance is looking to solidify its presence in one of Asia’s most active crypto markets, according to a report by the Korea Times.

Teng is scheduled to attend the World Knowledge Forum on Tuesday, followed by a keynote session at Cyber Summit Korea 2025, an event hosted by South Korea’s National Intelligence Service, on Wednesday.

Teng to Meet Korean Officials on Crypto Transparency and User Protection

During the trip, Teng will meet with regulators, law enforcement officials, and industry leaders to discuss cooperation on market transparency and user protection.

Binance has been ramping up its compliance efforts in South Korea.

Last week, the company received a certificate of appreciation from the Korean National Police Agency, recognizing its role in cybercrime prevention related to virtual assets.

It’s the second such honor, making Binance the only foreign exchange to be commended twice by Korean authorities.

“In a rapidly evolving regulatory landscape, investor protection and international cooperation are essential,” Teng said ahead of the trip.

“Given Korea’s significant role in the global virtual asset industry, I look forward to engaging in meaningful discussions.”

Despite public gestures of cooperation, Binance continues to face hurdles. Its acquisition of local exchange GOPAX, first initiated in early 2023, has yet to receive regulatory clearance, leaving its entry into the Korean market in limbo.

GOPAX encountered financial difficulties, resulting in a halt of payments to users of its decentralized finance (DeFi) service, GoFi.

Per their agreement, Binance would inject funds to cover all withdrawal requests, staked deposits, and interests.

4/
Whereas Gopax is one of the central exchanges severely damaged by @FTX_Official's collapse, @Binance used IRI to invest in #Gopax.

With #Binance's investment, @GOPAX_kr will resume the customer withdrawal of deposited assets, including interests. pic.twitter.com/IVPx57Y20l

— CryptoQuant.com (@cryptoquant_com) February 7, 2023

Teng’s visit appears aimed at smoothing relations with local regulators while reinforcing Binance’s commitment to responsible growth.

South Korea Orders Crypto Exchanges to Halt Lending Services

Last month, South Korea’s financial regulator moved to rein in risky lending practices in the digital asset sector, ordering local exchanges to suspend all crypto lending services until a proper regulatory framework is established.

The crackdown came amid South Korea’s broader pivot toward regulated crypto adoption. Authorities are lifting restrictions on institutional trading and preparing to approve the country’s first spot crypto ETFs.

President Lee Jae Myung’s administration is also working on a stablecoin framework pegged to the Korean won, signaling a more open approach to digital finance despite the latest curbs.

More recently, Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, unveiled a new custody service aimed at corporate and institutional clients, as regulatory green lights for virtual asset investments spark growing demand for secure storage solutions.

The service stores all deposited digital assets in cold wallets, entirely offline and insulated from internet-based threats, to shield holdings from cyberattacks and other external breaches.