Binance has reportedly completed the procedures to acquire South Korean fifth-largest crypto trading platform Gopax.
Binance established its subsidiary, Binance Korea, to serve Korean users in 2020. However, it later had to withdraw as it failed to meet financial transparency, AML rules and investor protection requirements. Binance entered Japan in November with the acquisition of Sakura Exchange BitCoin. It recently bought Tokocrypto, one of Indonesia’s largest crypto exchanges. Using the same method, he enters South Korea, where he has to step back.
Binance Enters South Korean Market By Acquiring Crypto Exchange
Binance, the world’s largest cryptocurrency exchange, will enter the South Korean market by acquiring Gopax.
An official familiar with the industry said the following about the purchase:
“We originally planned to announce the acquisition at Christmas last year, but we are in the final process of negotiating the value of the stock.”
The source confirmed that Binance will repurchase 41.2 percent of Gopax shares from CEO Lee Jun-haeng, but still maintain the exchange’s current operating system.
Representatives of both Gopax and Binance have not yet commented on the deal.
