Binance Re-Enters South Korean Market With Acquisition Of Gopax

Cryptocurrency exchange Binance has acquired a majority stake in the South Korean cryptocurrency trading platform Gopax, Bloomberg reported.

This move marks Binance's return to the South Korean market after a two-year absence.

The funding for the acquisition came from the Industry Recovery Initiative, a finance-driven investment project to which Binance committed $1 billion.

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Binance chief business officer Yibo Ling confirmed that the company has acquired a "significant" equity position in Gopax, but the details of the deal have not been disclosed.

However, Ling stated that the primary objective of the deal was to support customers and ensure they can withdraw their assets.

The move follows Gopax's suspension of withdrawals from some products in November 2022 during the collapse of the FTX exchange.

Binance aims to use the new capital to allow customer withdrawals and interest payments for Gopax's GoFi yield product.

Ling stated that the primary objective of the deal was to support customers and ensure they can withdraw their assets.

The acquisition of Gopax comes a few months after the exchange halted withdrawals from certain products in November 2022 due to the collapse of the FTX exchange.

The new capital from Binance will be used to enable customer withdrawals and interest payments for Gopax's yield product, GoFi.

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