Leading crypto exchange Binance has acquired a majority stake in South Korea-based GOPAX exchange, Bloomberg reports.
Binance has been working to re-enter the South Korean market since it shuttered operations in 2021. As a result, it reportedly completed the due diligence needed to acquire GOPAX on Jan. 2.
Binance has acquired a majority stake in the GOPAX exchange, according to Bloomberg. The deal saw Binance purchase about 41.2% of the company’s stake from its largest shareholder, Lee Jun-hung.
Funding for the purchase was made from the $1 billion Industry Recover Initiative — a co-investment project led by Binance, Bloomberg reported.
Binance chief business officer Yibo Ling said that the acquisition would see Binance inject capital into the exchange so that customer withdrawals and interest payments can be resumed for GOPAX yield product users.
“The fundamental thrust of this deal was to support customers and make sure that any customer who wants to withdraw their assets has the ability to do so,” Ling said.
Binance CEO Changpeng Zhao said the acquisition of GOPAX will help the exchange rebuild the Korean crypto and blockchain industry.
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