Binance to Re-Enter South Korea by Acquiring Local Exchange: Report

The world’s largest crypto trading platform is reportedly close to completing the acquisition of Gopax – one of the most utilized Korean exchanges.

If closed, the deal will signify Binance’s entrance into the South Korean market.

  • Citing a report by a local media outlet, the popular blockchain journalist Colin Wu informed that Binance had “recently completed due diligence on the acquisition of Gopax.”

  • The coverage said Binance planned to announce the purchase around Christmas, but it was delayed due to last-minute discussions about the value of the deal.
  • The CZ-led exchange will buy a 41.2% stake from Gopax’s current CEO – Lee Jun-Haeng, who is also the largest shareholder.
  • Gopax is one of the five largest digital asset exchanges in Korea, alongside Coinone, Upbit, Corbit, and Bitsum.
  • The report further said Binance had been actively exploring the Korean market, and this turned out to be the safest route.
  • Recall that Changpeng Zhao already hinted at a possible return to the Korean market following a hiatus that has now lasted over two years.
  • Binance had to close its affiliate company in South Korea following a disagreement with the local regulators. However, the company hired countless KYC, AML, and compliance employees and directors in the past few years to battle such issues.
  • It’s worth noting, though, that Binance is yet to confirm the news about the acquisition.

The post Binance to Re-Enter South Korea by Acquiring Local Exchange: Report appeared first on CryptoPotato.

newsby.top • 2022