Binance is Set to Return to South Korea’s Market Via GOPAX After an Exit in 2021

• Binance is set to return to South Korea’s crypto market, given its stake in the troubled South Korea-based cryptocurrency exchange GOPAX.
• The Binance team has not yet revealed the terms of the agreement and the size of  Gopax investments.

Binance Acquires Majority Stake in GOPAX

Binance, the world’s largest cryptocurrency exchange by market volume, has acquired a majority stake in GOPAX, a South Korean cryptocurrency exchange. The acquisition was made using funds from Binance’s Industry Recovery Initiative, a $1 billion co-investment project that aims to help distressed companies within the crypto sector.

GOPAX is one of South Korea’s five crypto trading platforms licensed to provide fiat-to-crypto services to customers. The exchange halted withdrawals of its principal and interest payments last year in its decentralized finance (DeFi) service.

Binance’s acquisition of GOPAX will allow the exchange to resume withdrawals and increase interest payments for its yield product. Binance also plans to support GOPAX’s customers, collaborate with South Korean regulators, and promote cryptocurrency education in the country.

Binance CEO Changpeng Zhao said that the acquisition is part of the company’s commitment to “protecting not only crypto users but also the wider crypto industry.”

“The Industry Recovery Initiative was created to support promising companies that were negatively impacted by the events of last year,” Zhao said. “We hope that taking this step with GOPAX will further rebuild the Korean crypto and blockchain industry.”

The acquisition of GOPAX is the latest in a series of moves by Binance to expand its presence in South Korea. In January, Binance announced that it would be opening a new office in Seoul. The company also plans to launch a Korean-language version of its website and app.

Binance’s expansion into South Korea is a sign of the growing importance of the country’s cryptocurrency market. South Korea is one of the most active cryptocurrency markets in the world, and it is home to a number of major cryptocurrency exchanges.

The acquisition of GOPAX is also a sign of Binance’s commitment to the cryptocurrency industry. Despite the recent downturn in the market, Binance has continued to invest in the industry and expand its operations.