Binance Re-enters South Korea After Acquiring GOPAX Exchange
• Binance has purchased a controlling stake in the South Korean crypto exchange GOPAX, using their Industry Recovery Initiative.
• This marks the return of Binance to South Korea after an absence of 2 years, as they still see the country as a promising market.
• The purchase was made possible after Genesis froze client withdrawals and redemptions, which had an effect on Binance’s bid to acquire GOPAX.
Industry Recovery Initiative
Binance is making its comeback to South Korea’s crypto market by purchasing a controlling stake in cryptocurrency exchange GOPAX through their ‘Industry Recovery Initiative’. This initiative was spearheaded by Binance themselves and allowed them to make this purchase possible.
South Korea remains a promising market for Binance since it is home to one of the world’s biggest crypto economies, talented individuals, and a thriving startup sector. By entering this market again, Binance will be able to strengthen its position as one of the leading providers of blockchain and web3 technologies worldwide.
To complete their purchase of GOPAX, due diligence had been completed by BInance last month on their acquisition. However, due to Genesis freezing client withdrawals and redemptions related to GoFi (GOPAX’s wealth management product) around $47 million had to be paid back out to customers before anything could go ahead with the deal. Therefore, BInance aims to fund GOPAX so that customers may withdraw funds and get interest on yield products like GoFi.
Overall, this purchase signifies BInance’s return into South Korea’s crypto market after having left two years ago – despite initially facing some obstacles related to redemptions from GoFi customers – believing it still holds potential for them in terms of blockchain technology advancements that could benefit users worldwide.