Binance CEO Richard Teng Seeks to Bridge the Gap for Crypto Startups in South Korea
Seoul, South Korea – Richard Teng, CEO of Binance, reiterated support for South Korean startups and, most especially, crypto startups in their international market onboarding complexities during Korea Blockchain Week 2024. He mentioned how Binance plays the role of a bridge between innovations in a locality and international opportunities that spur growth as he spoke in the panel moderated by Ryan Kim, co-founder and partner at Hashed.
Supporting South Korean Startups
He further acknowledged that it could be quite a challenge for South Korean companies to understand how international markets, consumer preferences, and legal jurisdictions differ. In this respect, he underlined the importance of Binance’s platforms, such as them Labs, in giving critical support to such startups.
“We can give support to interesting South Korean projects and help fill the gap in overseas expansion”, said Teng, underlining continued efforts by Binance to foster innovation and growth within the region.
High Retail Crypto Trading in South Korea
While the South Korean crypto market has high retail participation, it is equally faced with considerable regulatory challenges. He also said the market is dominated by established exchanges such as Upbit and Bithumb, holding more than 95% share and leaving little room for new entrants to break in.
Retail participation is extremely high. So it’s a very important market,” Teng said. He explained, in turn, that though every country must develop their regulatory regime based on their policy agenda, the high participation of retail investors in South Korea makes the market particularly essential for Binance.
Binance Faces Bumpy Road in South Korea
Already this year, regulatory pushback has arrived for Binance’s majority stake purchase in the South Korean exchange GOPAX. Regulators at the Financial Services Commission asked the company to reduce the stake from 70% to 10%, forcing them into a more grueling expansion campaign in the country. That hasn’t deterred Teng’s bullish outlook for Binance’s future in South Korea.
Power Shifts In The Asia Pacific Crypto Market
He also spoke to the broader changes in the crypto market of the Asia Pacific, including key events happening in Japan, Singapore, and Hong Kong. He emphasized that the crypto center shifted from Japan to Singapore and finally to Hong Kong, each country reflecting shifts in its respective stance on crypto regulation.
Korea is super vibrant, but we see pockets of very interesting developments, and that is replicated.” Teng said, pointing to just how dynamic the crypto landscape has been in this region.
Binance Re-Enters Indian Market
Expanding from South Korea, Binance also registered itself as a reporting entity with India’s Financial Intelligence Unit -FIU-IND of late. According to Teng, this was a big milestone for the leading exchange, citing Binance’s reach into global regulations and possible growth avenues in the Indian market.
“We have secured our 19 regulatory approvals globally and in India quite recently,” Teng added, while underscoring how them is committed to working closely with local stakeholders across different regions.
Conclusion
As KBW2024 continues to bring global leaders in blockchain and crypto together, Binance’s strategic efforts in supporting South Korean startups and navigating the complex regulatory landscapes of the Asia-Pacific markets are a continued assurance of its commitment to fostering innovation and growth within the industry.
