Binance Re-enters Korean Market with GOPAX Stake Acquisition
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Acquisition of shares in GOPAX, one of Korea’s top five exchanges Binance, the largest crypto asset (virtual currency) exchange, announced on the 3rd that it will re-enter the Korean market. It looks like it has acquired a lot of shares in the Korean exchange GOPAX. Binance has yet to reveal the terms of the deal or the size of its investment in GOPAX, but Korean media outlet Decenter reported in January that Binance plans to buy about 41% of GOPAX shares. Binance previously operated in South Korea, but closed its affiliate in South Korea in 2020 due to strict restrictions
Binance successfully to finalize its acquisition of Gopax after a two-year delay. The crucial approval came from South Korea’s financial watchdog. Binance has now successfully finalized its long-pending acquisition of the South Korean exchange Gopax platform. This major advancement comes after two years of regulatory review by local financial authorities…
South Korea limits crypto exchange major shareholders to 20%, with exceptions up to 34%, and grace periods for compliance by key exchanges. South Korea has agreed to limit major shareholder stakes in crypto exchanges to 20%. This decision applies to all exchanges and aims to improve governance. The Financial Services…