Binance struggling badly to enter the high-volume market of South Korea

On Apr 1, 2024

Binance CEO met with some local authorities in South Korea to discuss the challenges that Binance exchange is facing in entering the Korean Crypto market.

Binance is a top-ranked crypto exchange by 24-hour crypto trade volume on this platform. Under the leadership of Binance co-founder & former CEO Changpeng Zhao (CZ), this crypto exchange secured the first position in the sector within 3 years of launch date.

Over the last few months, many media reports confirmed that the Binance exchange was struggling badly to enter the Korean crypto market.
Reportedly Binance exchange acquired a significant amount of stakes 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 raised several concerns related to Gopax and this is the reason why Binance is facing a huge struggle.

To solve the legal hurdles & reach a resolution, the current Binance CEO Richard Teng reportedly visited South Korea last week & met with the local authorities.

According to news1, Binance CEO Richard Teng recently visited South Korea to try to communicate with financial authorities to resolve the problem of entering the Korean market. Binance entered the Korean market in late 2022 through the acquisition of Gopax.…
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It is worth it to know that the Gopax crypto exchange collapsed in 2022, following the bankruptcy of the FTX crypto exchange. When Gopax announced that it was not able to release the crypto assets to all its customers, Binance acquired the majority of the stakes in Gopax & promised to compensate all the customers.

Binance vs Nigeria

Binance crypto exchange is also facing huge legal hurdles in the jurisdiction of Nigeria.

Just a month ago, the Nigerian authorities arrested two Binance executives and also alleged that Binance’s crypto services impacted the country’s sovereign fiat currency badly and also provided services to the bad actors to facilitate illicit funding.

Reportedly some crypto advocacy groups collaborated to put pressure on the Nigerian authorities to solve the matter with systematic procedure & holding a meeting between Binance & authorities.