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SEC Lawsuit Against Binance Could Harm Business Opportunities in South Korea

According to a report in a South Korean daily, the Financial Service Committee (FSC) is reviewing Binance's acquisition of local crypto trading platform Gopax due to the recent SEC lawsuit against Binance. The FSC has reportedly suspended Gopax's executive change report, which detailed the nomination of three Binance members as inside directors of Gopax, including Leon Singh Poong, CEO of Binance Asia Pacific.

The FSC claims that it is difficult to accept the acquisition request at this point given the alleged accusations of securities law violations and further requests by the SEC to freeze Binance.US assets. Binance's acquisition of Gopax was intended to re-enter the South Korean crypto market and revive the troubled local crypto trading platform.

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