Binance will re-enter South Korea by purchasing Gopax.

by Jan 3, 2023CryptoNews0 comments

One of the busiest Korean exchanges, Gopax, is close to being acquired by the largest cryptocurrency trading platform in the world. If the acquisition is completed, it will signal Binance’s entry into the South Korean market.

The well-known blockchain writer Colin Wu stated that Binance has “just concluded due diligence on the acquisition of Gopax,” citing a source from a local media outlet.

According to the reporting, Binance had intended to announce the acquisition around Christmas, but it was postponed because of last-minute negotiations over the deal’s valuation.
The Gopax CEO and top shareholder, Lee Jun-Haeng, will sell a 41.2% interest to the CZ-led exchange.
Along with Coinone, Upbit, Corbit, and Bitsum, Gopax is one of Korea’s top five exchanges for digital assets.

According to the article, Binance had been aggressively investigating the Korean market, and this had shown to be the most secure path.
Remember that Changpeng Zhao had previously made hints about a potential comeback to the Korean market after a lack of more than two years.
In South Korea, Binance’s affiliate firm had to be shut down due to a dispute with the local authorities. To fight these problems, the business engaged many directors and staff in the fields of KYC, AML, and compliance in recent years.

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However, it should be noted that Binance has yet to officially announce the transaction.

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