Binance has acquired a majority stake in South Korean crypto exchange GOPAX, re-entering the country's crypto market having withdrawn from it two years ago.
The world's largest crypto exchange by trading volume closed its affiliate in South Korea in December 2020 due to low usage. Terms for the deal were not disclosed.
Binance's investment in GOPAX came via the Industry Recovery Initiative, which Binance leads and committed $1 billion to in November, in response to the fallout from the collapse of FTX.
Bloomberg had earlier reported on the deal.
The capital from Binance will allow withdrawals and interest payments to recommence on GOPAX.
UPDATE (Feb. 3, 12:00 UTC): Adds link to Binance announcement and removes Bloomberg reference.
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