<p>Streami, the operator of South Korean cryptocurrency trading platform Gopax, has been struggling for months to obtain approval for the change of its chief executive officer from the financial regulator. This challenge emerged following the significant investment by the global exchange Binance, which became the company’s largest shareholder in February. At that time, Leon Sing Foong, who was the Asia-Pacific head of Binance, was appointed as CEO.</p><h2 id="header-0">CityLabs’ emergence</h2><p>However, the recent appointment of a CEO from a Korean company could potentially represent a turning point for Streami. This development is particularly noteworthy because this local firm has acquired shares in Streami and is expected to further increase its stake in the company.</p><p>In a report from local news outlet Bizwatch, it was revealed that Cho Young-joong, who currently serves as CEO of CityLabs, has been officially designated as the new CEO of Streami. This appointment now places him in a leadership position overseeing both the smart city infrastructure company and the cryptocurrency exchange operator.</p><p>Before Cho’s appointment, CityLabs had <a href="https://medium.com/&#64;coinness.gl/citylabs-secures-8-55-stake-in-gopax-60205b7605c2" rel="noopener noreferrer nofollow">made investment</a> in Streami, contributing KRW 5.4 billion, which is approximately $4 million. This investment secured CityLabs an 8.55% stake in Streami, equivalent to a total of 76,308 shares of the company.</p><p>Thanks to this development, Streami has finally filled the CEO position, ending a two-month vacancy that began after the resignation of former CEO Lee Joong-hoon in August. While it has been confirmed by a company official that Cho has been selected as the new CEO, he has not yet assumed his role.</p><h2 id="header-1">Frequent leadership changes</h2><p>In the course of this year, Streami has already undergone three leadership changes. The stagnant administrative process at the Financial Intelligence Unit (FIU) compelled Leon Foong to step down from his position, which was subsequently assumed by Lee Joong-hoon, Streami’s former Vice President. However, despite Lee’s appointment, little progress was made during his tenure. Additionally, It’s also worth noting that there were <a href="https://www.bloomberg.com/news/articles/2023-08-31/crypto-binance-asia-pacific-head-leon-foong-is-leaving-bnb#xj4y7vzkg" rel="noopener noreferrer nofollow">reports</a> indicating Leon Foong’s complete departure from Binance in late August.</p><p>Several industry sources have suggested that Binance is likely to relinquish its status as Streami’s largest shareholder but could later participate in managing the company. The hope is that this strategic maneuver will assist Streami in securing approval from the FIU.</p>

Streami Appoints New CEO, Boosting Hopes for Regulatory Crypto Approval in Korea

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