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Binance Returns to South Korea’s Crypto Market Through a Stake in the GOPAX Exchange

Binance Holdings Ltd. has acquired a majority stake in the troubled South Korea-based cryptocurrency exchange GOPAX, returning the biggest digital-asset trading platform operator to a market that it exited two years ago.

The firm has taken a “meaningful” equity position in GOPAX, which halted withdrawals from certain products in November, according to Yibo Ling, chief business officer at Binance.

The funding of the purchase came from a Binance-led co-investment project called the Industry Recovery Initiative, to which Binance pledged $1 billion. Terms weren’t disclosed.

Binance plans to inject capital into the exchange so that customer withdrawals and interest payments can be made for GOPAX’s yield product GoFi.

“The fundamental thrust of this deal was to support customers and make sure that any customers who want to withdraw their assets have the ability to do so,” Ling said in an interview.

“We hope that taking this step with GOPAX will further rebuild the Korean crypto and blockchain industry,” Changpeng “CZ” Zhao, founder and chief executive of Binance, said in a statement.

(By Muyao Shen)

Related News:

Gopax Investors Could Face $471M Loss if Binance Acquisition Fails

Binance Declines Comment on Speculation It May Buy South Korean Crypto Exchange GOPAX

FTX contagion in S.Korea: GOPAX halts Genesis-backed DeFi

South Korean Crypto Exchange Gopax Services Hit by Genesis Disruption

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