Binance to acquire South Korea’s Gopax
Binance plans to re-enter South Korea soon. The company will acquire a 41.2% stake in Gopax, one of the largest exchanges in the country.
A possible deal was reported by a local media referring to the words of an official familiar with the situation. According to him, Binance intends to buy a 41.2% stake from Lee Jun-hang, who is the largest shareholder. After the deal, Lee Jun-hang will remain in the management of the platform.
Binance has completed a full audit of the exchange, so the deal may take place in the near future. The company planned to reach an agreement before the end of last year, but faced some difficulties, since the owner wanted to increase the price of the deal.
Gopax is one of the largest Korean exchanges in terms of trading volumes along with Bitsum, Coinone, Corbit and Upbit. Like many other companies, Gopax faced problems after FTX’s bankruptcy. The deal with Binance will allow it to pass through the crisis, and Binance will have the opportunity to enter a new market. Previously, the company has already acquired a stake in Japanese Sakura Exchange and has been pursuing a deal to purchase the Indonesian Tokocrypto.
In 2020, Binance made an attempt to enter the Korean market by launching the Binance Korea platform. However, it had to be closed after eight months due to liquidity problems.
Binance representatives did not confirm the information about the possible purchase of a stake in Gopax. They noted that Binance will not disclose any details before the release of official statements. The management of the Korean exchange also did not give an answer to this question.
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