A senior official of the South Korean financial authority said: If Binance develops a trading platform business in South Korea, it will be difficult to properly supervise it, and is considering regulating Binance’s business in South Korea.
The country’s financial authorities are reportedly reviewing measures to re-accredit Binance’s newly acquired Gopax as a Virtual Asset Operator (VASP), or to regulate Gopax by not offering real-name accounts at commercial banks.
In fact, Jeonbuk Bank, which currently provides real-name accounts to Gopax, is considering whether to continue to provide real-name accounts after the Binance acquisition becomes official.
Prior to the news on February 3, Binance had acquired a majority stake in the South Korean encryption exchange Gopax through the “Industry Recovery Plan”.
According to news on February 17, the head of Binance’s Asia-Pacific region was appointed as the new chairman of the board of Gopax, a South Korean encryption exchange. Most of Gopax’s board members come from Binance.