BNB

Report: Binance to Acquire Gopax to Re-Enter South Korean Market

by BSC News

January 3, 2023

The move will reportedly give Binance a 41% share in one of South Korea's largest exchanges.

Binance Moves Back to South Korea

Binance is reportedly in the final steps to complete a 41% takeover of the South Korean exchange Gopax. If completed, the move would allow Binance to operate once again in the South Korean crypto market.

The deal, yet to be announced, was originally set to go through before Christmas 2022 but required further due diligence over equity calculations, according to a translated report from Decenter on January 2.

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 acquisition still requires the official approval of Korean authorities, and neither Binance nor Gopax have commented on the deal.

Binance CEO Changpeng Zhao (CZ) announced Binance’s intent to re-enter the South Korean crypto market in November 2022 during Web Summit 2022 in Lisbon. CZ said Binance would comply with all local regulatory requirements with any re-entry to the market in South Korea.

The Gopax move will be the first time Binance will open global crypto trading services since 2021 in the country. Binance previously operated in South America from 2019 to 2021 and has also helped Busan City develop a blockchain ecosystem. Binance opened an office in Busan in August 2022.

Gopax reportedly has a minor market share among the South Korean audience, and the addition of Binance’s resources can bring investor opportunities and improved international connections.

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.