Bitcoin
Bitcoin (BTC)
$63,811.00 -0.4009
Bitcoin price
Ethereum
Ethereum (ETH)
$3,412.65 0.76619
Ethereum price
BNB
BNB (BNB)
$569.77 0.50414
BNB price
Solana
Solana (SOL)
$157.50 1.48498
Solana price
XRP
XRP (XRP)
$0.5692490 -6.16487
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000173 -7.2501
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000116 -0.96754
Pepe price
Bonk
Bonk (BONK)
$0.0000265 -1.31129
Bonk price
Bitcoin
Bitcoin (BTC)
$63,811.00 -0.4009
Bitcoin price
Ethereum
Ethereum (ETH)
$3,412.65 0.76619
Ethereum price
BNB
BNB (BNB)
$569.77 0.50414
BNB price
Solana
Solana (SOL)
$157.50 1.48498
Solana price
XRP
XRP (XRP)
$0.5692490 -6.16487
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000173 -7.2501
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000116 -0.96754
Pepe price
Bonk
Bonk (BONK)
$0.0000265 -1.31129
Bonk price
Bitcoin
Bitcoin (BTC)
$63,811.00 -0.4009
Bitcoin price
Ethereum
Ethereum (ETH)
$3,412.65 0.76619
Ethereum price
BNB
BNB (BNB)
$569.77 0.50414
BNB price
Solana
Solana (SOL)
$157.50 1.48498
Solana price
XRP
XRP (XRP)
$0.5692490 -6.16487
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000173 -7.2501
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000116 -0.96754
Pepe price
Bonk
Bonk (BONK)
$0.0000265 -1.31129
Bonk price
Bitcoin
Bitcoin (BTC)
$63,811.00 -0.4009
Bitcoin price
Ethereum
Ethereum (ETH)
$3,412.65 0.76619
Ethereum price
BNB
BNB (BNB)
$569.77 0.50414
BNB price
Solana
Solana (SOL)
$157.50 1.48498
Solana price
XRP
XRP (XRP)
$0.5692490 -6.16487
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000173 -7.2501
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000116 -0.96754
Pepe price
Bonk
Bonk (BONK)
$0.0000265 -1.31129
Bonk price

Binance to reduce stake in Korean crypto exchange Gopax, report says

binance-to-reduce-stake-in-korean-crypto-exchange-gopax-report-says
Edited by
News
Binance to reduce stake in Korean crypto exchange Gopax, report says

Binance reportedly plans to reduce its stake in Korean crypto exchange Gopax within the next two months to address regulatory reporting issues.

Crypto exchange Binance, the major shareholder of Korean crypto trading platform Gopax, is set to reduce its stake in the exchange within the next one to two months to address issues with reporting changes to virtual asset business operators (VASPs), Korean news outlet News1 Korea has learned.

The move is expected to solve regulatory issues after Korean authorities delayed approval of Gopax’s VASP change report submitted in March 2023. Binance’s intention to sell a portion of its stake is seemingly aimed at resolving regulatory concerns. Despite the reduction, Binance could still retain an estimated 80% stake, according to local industry executives. As of the latest update, Binance has not released an official statement on the matter.

Binance acquired a majority stake in Gopax in February 2023 as part of its re-entry into the Korean market, which it had left in 2021. The exact figures of the stake acquisition were not disclosed though.

Binance’s involvement came after reports surfaced that Gopax’s parent company, Streami Inc., was among the top ten creditors of the insolvent crypto lender Genesis Global. Meanwhile, Digital Currency Group, the parent company of the U.S. crypto lender, was the second-largest shareholder in Gopax.

In 2021, Binance shuttered its South Korean operations due to low usage and trading volume. However, it later expanded its presence in Asia by acquiring Sakura Exchange BitCoin in Japan.