In the words of the official familiar with the deal, “We originally planned to announce the acquisition around Christmas last year, but we are in the process of final discussions on the value of the stake.”
Binance is reportedly in the process of purchasing a 41.2% stake in the South Korean crypto exchange, Gopax.
Local news outlets reported that Binance will purchase the stake from Lee Jun-haeng, Gopax’s CEO and largest stakeholder. Jun-haeng will remain the CEO for stable management.
A source claimed that Binance has completed the due diligence process for acquiring Gopax. They added that the exchange is engaged in finalizing the deal by discussing the value of the stake.
This is not Binance’s first attempt at entering the South Korean market. In 2020, the exchange established Binance Korea to offer services to Korean clients. However, Binance closed its Korean branch following altercations with local regulators.
Gopax is one of the top five exchanges in Korea. However, it was forced to halt withdrawals on its savings product, GOFi, after its business partner Genesis halted loan redemptions in November.
