Confirmation is here for Binance to operate in South Korea for the first time since 2021.
Binance acquires a stake in GOPAX
Binance has acquired a stake in GOPAX, a South Korean digital asset exchange. Binance can now re-enter the country’s market for the first time since 2021.
According to Binance’s February 3 blog announcement, the purchase is part of the company’s Industry Recovery Initiative (IRI). GOPAX has been seeking investment since late 2022, after ceasing principal and interest payments. Binance will invest funds in GOPAX to assist users in becoming whole, as well as provide industry support for education and development.
“Binance has a responsibility to protect our users, as well as our industry,” said Changpeng “CZ” Zhao, founder and CEO of Binance. “The Industry Recovery Initiative was created to support promising companies that were negatively impacted by the events of last year. We hope that taking this step with GOPAX will further rebuild the Korean crypto and blockchain industry.”
Binance reportedly completed due diligence on a 41% stake in the company in early January. The terms of the agreement were not made public.
Binance will have global crypto trading services in South Korea for the first time since 2021, thanks to the GOPAX acquisition. From 2019 to 2021, the world’s largest crypto exchange operated in South Korea and assisted Busan City in developing a blockchain ecosystem. Binance recently announced the opening of an office in Busan in late summer 2022.
Binance launched the IRI in November 2022 in response to the failure of FTX and the incredible industry fallout from the situation.
The world’s largest exchange established an industry organization to assist regular users of the industry who lose funds.
Binance is the world’s leading blockchain ecosystem and crypto-asset infrastructure provider, with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase users’ financial freedom by offering a diverse portfolio of crypto-asset products and services such as trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
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