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Binance Refuses To Comment On Speculation It May Acquire South Korean Cryptocurrency Exchange GOPAX

Delbert Williams IIBy No Comments2 Mins Read

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Binance, the world’s largest cryptocurrency exchange, declined to comment on local media reports that it was in late-stage talks to acquire South Korean digital asset exchange GOPAX.

See related articles: Binance Will Re-Enter South Korean Crypto Market, CZ Says

quick facts

  • Binance is about to purchase a 41.2% stake in GOPAX from founder and largest shareholder Lee Jun-haeng.

  • GOPAX is one of five South Korean cryptocurrency trading platforms licensed to provide fiat-to-cryptocurrency services to its customers. GOPAX, the last licensed of the five, holds about 0.1% of the local crypto market, while industry leader Upbit controls over 80%.

  • A Binance spokesperson said, “As a matter of policy, we do not comment on speculation or rumors.” Forst via Telegram. GOPAX did not respond to telephone or email requests for comment.

  • In November, Binance chief Changpeng Zhao said the exchange was preparing to enter the South Korean market. Last year, Binance formed a partnership with the local city of Busan to help promote its blockchain ecosystem, including establishing a regional office in Busan.

  • GOPAX is reportedly seeking new investments after decentralized finance (DeFi) service GOFi stopped withdrawing principal and interest payments on Nov. 16.

  • In a Dec. 31 announcement, GOPAX said it had completed due diligence on a new business deal with “the largest global blockchain infrastructure company.” The statement did not name the company, citing a non-disclosure agreement, but media outlets speculate that the unnamed company is Binance.

  • However, according to GOPAX’s announcement in December, the partner entered South Korea for the first time, and Binance was operating in South Korea in 2020.

  • South Korean crypto trading platforms must obtain information security approval from authorities and partner with local banks to provide users’ deposit and withdrawal accounts with real names and other customer verification rules.

See related articles: FTX Contagion in South Korea: GOPAX Stops Genesis-Backed DeFi

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Born in the early 80s in Milwaukee, Wisconsin, Delbert Williams II has always had a passion for writing. Even in high school, he earned excellent grades in English and writing classes. After attending John Marshall High School, he graduated from Project Stay Alternative High School in Milwaukee. From there, Delbert attended Milwaukee Area Technical College, where he studied music and communications. While he enjoyed these fields, his love for writing remained strong. In 2019, Delbert founded Hard Stack Street Mag, a publication that quickly gained a following for its unique and engaging content. As the founder and editor-in-chief of the magazine, he has worked tirelessly to produce quality articles that cover a wide range of topics, including music, art, culture, and politics. Now 42 years old, Delbert continues to pursue his passion for writing and journalism. Through Hard Stack Street Mag, he has created a platform that allows him to share his voice and perspective with readers from all over the world. With a strong background in writing and a deep understanding of the power of storytelling, Delbert Williams II is a writer to watch. He is dedicated to producing content that is both informative and engaging, and he is committed to using his platform to shine a light on important issues that are often overlooked by mainstream media.

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