Korean media: The founder of Gopax, the South Korean exchange acquired by Binance, may have resigned as CEO

ChainCatcher news, according to South Korean media Etoday, reported that after Binance acquired a partial stake in the South Korean exchange Gopax earlier this month, Gopax founder Lee Jun-hyung (phonetic) resigned as CEO. Lee Jun-hyung sold all of his 41.22% stake in Gopax. One of the newly appointed three directors, a Malaysian, has been appointed as the new CEO of Gopax. However, a Gopax official stated, "I think we need to verify whether this resignation is true."

In early February, Bloomberg reported that Binance had acquired a majority stake in the South Korean exchange Gopax, with the funds for this acquisition coming from Binance's previously launched $1 billion "Industry Recovery Plan," although specific acquisition terms were not 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 of Gopax in providing yield products. Binance plans to inject capital into Gopax so that Gopax's yield product GoFi can facilitate customer withdrawals and interest payments. Zhao Changpeng expressed hope to further rebuild the cryptocurrency and blockchain industry in South Korea together with Gopax. (Source link)