BlocksInform
Binance has acquired a majority stake in South Korean crypto exchange GOPAX, re-entering the country's crypto market having withdrawn from it two years ago.
The world's largest crypto exchange by trading volume closed its affiliate in South Korea in December 2020 due to low usage. The terms of the agreement have not been made public.
Binance's investment in GOPAX came via the Industry Recovery Initiative, which BINANCE leads and committed $1 billion to in November, in response to the fallout from the collapse of FTX.
Bloomberg had already taken the matter into account.
GOPAX's parent firm Streami Inc., in which CoinDesk parent company Digital Currency Group (DCG) became the second-largest shareholder in 2021, is one of the largest creditors of bankrupt crypto lender Genesis, which is also a DCG subsidiary.
Following Genesis' suspension of withdrawals in November, GOPAX did the same with its yield product GoFi.
The binary capital will permit withdrawals and interest payments to resume on gopax.
UPDATE (Feb. 3, 12:00 UTC): Adds link to Binance announcement and removes Bloomberg reference.
