Binance has acquired a majority stake in the South Korean exchange Gopax, with funds coming from the $1 billion "Industry Recovery Plan."

2023-02-03 16:04:55

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ChainCatcher news, according to Bloomberg, Binance has acquired a majority stake in the South Korean exchange Gopax. The funds for this acquisition come from Binance's previously launched $1 billion "industry recovery plan," and the specific terms of the acquisition have not been disclosed. Gopax suspended customer withdrawals in November 2022, and its parent company Streami Inc. is one of the top 10 known creditors of Genesis Global, which is also a partner in the yield products offered by Gopax. Binance plans to inject capital into Gopax so that Gopax's yield product GoFi can facilitate customer withdrawals and interest payments. Changpeng Zhao expressed hope to further rebuild the cryptocurrency and blockchain industry in South Korea together with Gopax.

Earlier reports indicated that Binance completed its due diligence on the acquisition of the South Korean exchange Gopax in early January and is in the final steps of confirmation procedures. At that time, Binance planned to purchase shares (41.2%) from Gopax's largest shareholder, CEO Lee Jun-hyung. (source link)

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