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Binance Reviews Its Majority Stake in South Korean Crypto Exchange GOPAX

The world's largest crypto exchange by trading volume acquired a majority stake in GOPAX in February 2023, re-entering a market it had vacated two years previously.

By Jamie Crawley
AccessTimeIconJan 31, 2024 at 11:22 a.m. UTC
Updated Mar 9, 2024 at 2:16 a.m. UTC
Two large stacked blocks displaying Binance's logo at a trade show.
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Binance is in "early-stage discussions" about its stake in South Korean cryptocurrency exchange GOPAX.

The world's largest crypto exchange by trading volume acquired a majority stake in GOPAX in February 2023, re-entering a market it had vacated two years previously.

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    • South Korea news outlet News 1 on Tuesday said Binance will announce the reduction of its stake in GOPAX "within a month or two," citing Steve Young Kim, director of Binance's Asia-Pacific region.

    "We are in early-stage discussions about our stake in GOPAX," a Binance spokesperson told CoinDesk by email. "As it's still preliminary, we can't share more details at this time."

    South Korea's Financial Services Commission (FSC) proposed new rules geared toward consumer protection at the end of last year, which would provide statutory grounds for sanctions, including criminal penalties, "to punish unfair trading activities using virtual assets." They would also require exchanges to monitor abnormal transactions and alert the regulator when appropriate.

    Read More: South Korean Financial Regulator Says U.S. Bitcoin ETFs May Violate Local Law

    Edited by Sheldon Reback.



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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley
    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Follow @JamieCrawleyCD on Twitter

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