Binance: “Targeting the Korean market via Gopax… preparing to expand institutional and payments infrastructure”

Binance, the world’s largest virtual asset (cryptocurrency) exchange, said it is preparing to expand institutional investment and payments infrastructure in the Korean market with local exchange Gopax as its base.

SB Seckar, Binance’s Asia-Pacific (APAC) head, said in an interview with The Korea Times on the 30th that “23% of last year’s global growth came from institutional investment,” adding that “a similar trend will emerge in Korea as well once regulations are put in place.”

Seckar said he expects many companies to buy virtual assets once regulatory guidelines for corporate virtual-asset investment begin to be announced. “Binance is reviewing institutional asset management and the buildout of a stablecoin-based cross-border payments infrastructure,” he said, adding that it is also exploring possible collaboration with local payments providers to introduce payment services for overseas visitors.

He also pledged investor compensation measures related to Gopax. A day earlier, Gopax disclosed that it is holding virtual assets worth 130 billion won with a third-party custodian. Seckar said the move was “to transparently demonstrate the intent to compensate,” adding that Binance will “repay the debt after completing the remaining administrative procedures.”