Binance CEO Richard Teng Plans to Bridge Gap for Korean Startups Expanding Overseas
Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.
Binance CEO Richard Teng said the firm plans to support South Korean start-ups, especially in the crypto sector, as many struggle with the challenges of entering the global market.
During a panel session moderated by Hashed co-founder and partner Ryan Kim, held in Seoul, South Korea, Teng discussed supporting more projects through Binance’s platforms like Binance Labs and potential fundraising opportunities.
Acknowledging the challenges these companies may face in understanding international markets, preferences, and legal jurisdictions, Teng emphasized Binance’s role in bridging the gap between local South Korean startups and global opportunities.
“We can help support interesting South Korean projects and bridge the gap in terms of overseas expansion,” Teng said.
Many crypto exchanges have been facing significant regulatory hurdles from South Korean financial authorities and struggle to break into the market.
Upbit and Bithumb hold over 95% market share, and strict regulations hinder new exchanges’ entering, reports Tiger Research.
“Retail participation is extremely high. So it’s a very important market. Every country will have its policy agenda, and policy considerations in terms of formulating the framework. So what is right for Korea has to be determined by the government,” said Teng.
This high level of retail participation makes South Korea a critical market for Binance, and the company is keen on working with local authorities to navigate the country’s unique regulatory landscape.
In 2023, Binance bought a majority share in the South Korean exchange
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