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.”
According to Decenter, Binance has recently completed due diligence on the acquisition of Gopax. Gopax is one of the five major South Korean exchanges (Upbit, Bitsum, Coinone, Corbit, Gopax). Binance previously announced the acquisition of exchanges in Japan and Indonesia.
— Wu Blockchain (@WuBlockchain) January 2, 2023
- 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.
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