According to South Korean news outlet Chosun, Binance [BNB] acquired a 50% stake in Gopax, a native crypto exchange, on 23 February. This is part of Binance’s strategy to gain a foothold into South Korea. In addition, Leon Gong, the former Asian Pacific representative of Binance recently took over as Gopax’s new CEO.
Despite these calculated moves, South Korean financial authorities have expressed concerns about Binance taking over. Allegedly, the move will pave the way for money laundering and financial crimes through unverified coins that are listed on the exchange. They said:
“It is difficult to properly manage and supervise if the finance starts operating the exchange in the country. There is also the possibility of local outflows through the distribution of several unverified overseas listed coins.”
BNB struggled to bypass this week’s resistance at the $317 price range. On the other hand, existing sell pressure has also been limited, and this has allowed the price to stay above the $300 price range. BNB’s mean coin age metric has continued to go up despite the price outcome, confirming that most investors were holding on to their coins at press time.
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