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Binance News: the popular crypto-exchange is in the final stages of reducing its majority stake in the South Korean platform Gopax. From what has emerged, Binance should reduce its participation from 72.6% to 10%.
Summary
Binance News: the final stages to reduce the majority stake in Gopax
Among the latest news, there isBinance which seems to be finalizing the sale of its majority shares of the South Korean crypto-exchange Gopax.
According to local sources, it seems that the popular crypto-exchange is negotiating directly with the South Korean cloud service provider Megazone, to which it will sell a large part of its shares.
In fact, Binance is proceeding by reducing its Gopax shares from 72.6% to 10%.
From what has emerged, it seems that the crypto-exchange is pushing for the sale of its Gopax shares to improve its governance structure, as requested by the local financial authorities.
The acquisition of Gopax by Binance was announced at the beginning of 2023. Since then, however, the regulatory authority of South Korea has intervened.
Binance News and the reduction of its majority stake in Gopax
In reality, this news had already been announced at the beginning of 2024. And indeed, the popular crypto-exchange had already stated its strategy to reduce its majority stake in Gopax.
This move was intended to be a response from Binance in addressing liquidity issues, as well as overcoming compliance obstacles, demonstrating its proactive approach.
Gopax is a major cryptocurrency exchange in South Korea and one of the five fully registered exchanges in the country.
With the failure of FTX in November 2022, Gopax had to face liquidity issues of Genesis Global Capital.
It is precisely for this reason that Binance intervened, which with its February 2023 acquisition of 72.6% of the crypto-exchange saved the fate of Gopax.
Binance already anticipated during the acquisition phase, to proceed in the future with the sale of its shares to other companies.
The zero commission initiative on EUR/USDC for users in the SEE
Moving to the European Economic Area (EEA), Binance has recently launched an initiative that provides zero fees for the EUR/USDC trading pair.
The objective aims to facilitate trading for European users, offering them the possibility to exchange euros for USD Coin without additional costs.
Binance continues to want to strengthen its position as a leader in the crypto sector, where regulation supports it.