Binance Eyes South Korean Market Via Acquisition of Gopax Exchange
- The purchase announcement was originally scheduled for Christmas but was postponed.
- Binance left South Korea in January 2021.
On Monday, Binance, the biggest cryptocurrency exchange in the world, finished its due diligence on the purchase of Gopax and officially returned to the South Korean market. Among South Korea’s crypto exchanges, Gopax is a strong contender. According to a source with knowledge of the situation. The purchase announcement was originally scheduled for around Christmas but was postponed owing to final negotiations.
Since Binance left South Korea in January 2021, CEO Changpeng Zhao has been eager to return there. Binance still sees South Korea as a promising market. Since it is home to one of the world’s major crypto economies, a huge and diverse talent pool, and a thriving startup environment. Binance’s South Korean growth will be crucial. If the company is serious about becoming a market leader in the next generation of blockchain and web3 technologies.
Final Stages of Negotiation
As of January 2, Binance has acquired Gopax, making its debut in South Korea, as reported by Wu Blockchain. Binance is in the final stages of negotiations to acquire a majority stake in Gopax from CEO Lee Jun-haeng, who currently owns a 41.2% stake.
According to a source acquainted with the situation, “We originally planned to announce the acquisition around Christmas last year, but we are in the process of final discussions on the value of the stake.”
In order to combat money laundering and safeguard local investors. The South Korean government has imposed stringent regulations on overseas virtual asset providers. After the Terra-LUNA incident, the regulations governing the crypto industry became much more stringent, and crypto firms are now subject to regular audits.
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