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Binance Completes Purchase of Stake In South Korea’s GOPAX
February 3, 2023
MINS
Confirmation is here for Binance to operate in South Korea for the first time since 2021.
Binance Buys Part of GOPAX
Binance has completed a minority purchase of GOPAX, a South Korean digital asset exchange. The move allows Binance to re-enter the county’s market for the first time since 2021.
The purchase is in conjunction with Binance’s Industry Recovery Initiative (IRI), according to Binance’s blog announcement from February 3. GOPAX has been seeking investment since late 2022 after halting the withdrawal of principal and interest payments. Binance will invest funds into GOPAX to help make users whole while also providing industry support for education and development.
“Binance has a responsibility to protect our users, as well as our industry,” said Changpeng “CZ” Zhao, founder and CEO of Binance. “The Industry Recovery Initiative was created to support promising companies that were negatively impacted by the events of last year. We hope that taking this step with GOPAX will further rebuild the Korean crypto and blockchain industry.”
The move comes after Binance reportedly passed due diligence in early January for a 41% purchase of the company. The terms of the deal were not officially disclosed.
The GOPAX acquisition marks the first time that Binance will have global crypto trading services in South Korea since 2021. The world’s largest crypto exchange operated in South Korea from 2019 to 2021 and also helped Busan City develop a blockchain ecosystem. Binance recently opened an office in Busan in late Summer of 2022.
Binance launched the IRI in November 2022 following the collapse of FTX and upon seeing the incredible industry fallout from the situation. The world’s largest exchange took it upon itself to create an industry organization to help support regular users in the industry who lose funds.
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
Website | Twitter | Discord | Telegram |
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Terraform Labs Founder Do Kwon Appeals Extradition Decision in Montenegro
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December 6, 2023
The appeal will be reviewed by the Montenegro court, and the Montenegrin Ministry of Justice faces challenges in reaching a conclusive decision by the December 15 deadline.
Kwon Do-hyung, the founder of Terraform Labs (TFL), has filed an appeal against the recent extradition ruling made by the High Court of Podgorica in Montenegro, according to a local South Korean media outlet.
The Montenegrin Court of Appeal confirmed on December 6 that Kwon Do-hyung contested the decision, stating, “I do not accept the court’s decision to extradite me, so I do not submit to the court’s decision.”
This appeal prompts the Montenegrin Court of Appeals to reassess the extradition decision, introducing uncertainty into the resolution timeline.
Extradition Request and Timeline
The court initially approved Kwon’s extradition request on November 24, stipulating his transfer to either the United States or his home country, South Korea.
The current appeal has altered the decision-making timeline, making it challenging for the Montenegrin Ministry of Justice to finalize the extradition destination before the December 15 deadline.
During the extradition trial, Kwon expressed a preference for being extradited to South Korea, a request that was granted by the court. However, the appeal has extended the timeline, potentially rescheduling the extradition proceedings to January, according to Crypto Times.
Despite Kwon Do-hyung’s appeal, local observers in Montenegro suggest slim chances of overturning the extradition decision. A prevailing belief among Montenegrin government officials and judiciary figures is that Kwon’s continued detention attracts undue attention.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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