Binance enters the S Korean market – acquires major cryptocurrency exchange


Binance is said be closing the acquisition of Gopax in South Korea. According to Decenter, the announcement about the acquisition was originally scheduled for Christmas last year. However, final discussions regarding the stake’s value are ongoing. Binance will purchase a 41.2% share in Gopax from CEO Lee Junhaeng, the largest shareholder. However, the current management structure will continue to ensure stable operations. Binance faces stiff competition. Upbit has not been allowed to enter the Korean market because of the regulatory barriers. Binance faces stiff competition. Upbit has not been able to enter the Korean market directly due to regulatory barriers. Binance and Gopax are still yet to sign the deal. Another issue is the seal of the South Korean regulatory agency. Binance has been through some difficult times recently, after Mazars, its auditor, distanced itself from the Binance proof of-reserves audit. There was a lot of FUD from people both inside and outside the cryptocurrency sector. They believe that Binance still needs to demonstrate transparency and trust in order to be a major player in the space. This article is not intended to be used in place of legal, tax, investment, financial or other advice.


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