Binance CEO Richard Teng has made a covert visit to South Korea, aiming to resolve the impasse over the exchange's entry into the country. Teng is meeting with financial authorities, including the Financial Intelligence Unit (FIU), regarding Binance's acquisition of GoPax and concerns over its legal status. The FIU's reluctance stems from Binance's past legal issues and is pushing for stricter regulations on majority shareholders in virtual asset businesses. Teng's proactive engagement reflects Binance's commitment to compliance, influenced by his background at the Monetary Authority of Singapore (MAS). This visit underscores Binance's efforts to address regulatory concerns and salvage its South Korean venture, including potential governance improvements at GoPax.

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