Bitcoin
$60,907.49-2.89%
Ethereum
$2,921.23-3.39%
Binance Coin
$586.17-1.36%
Solana
$145.57-4.53%
XRP
$0.50521026-2.33%
Toncoin
$6.92+5.20%
Dogecoin
$0.14478367-3.96%
Cardano
$0.44615526-3.82%
Shiba Inu
$0.00002265-2.92%
Avalanche
$33.74-5.06%
Tron
$0.12695636+0.37%
Wrapped Bitcoin
$60,982.66-2.68%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to ConsensusThe largest event covering all sides of crypto & Web3
18
DAYS
06
HR
24
MIN
25
SEC
Finance

Binance Reviews Its Majority Stake in South Korean Crypto Exchange GOPAX

The world's largest crypto exchange by trading volume acquired a majority stake in GOPAX in February 2023, re-entering a market it had vacated two years previously.

By Jamie Crawley
AccessTimeIconJan 31, 2024 at 11:22 a.m. UTC
Updated Mar 9, 2024 at 2:16 a.m. UTC
Two large stacked blocks displaying Binance's logo at a trade show.
(Danny Nelson/CoinDesk)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Binance is in "early-stage discussions" about its stake in South Korean cryptocurrency exchange GOPAX.

The world's largest crypto exchange by trading volume acquired a majority stake in GOPAX in February 2023, re-entering a market it had vacated two years previously.

VolumeMuteUnmute

How Recent Market Rally Impacted FTX's Asset Liquidation

  • Legal Expert on Pitfalls of FTX's Bankruptcy Plan
    13:45
    Legal Expert on Pitfalls of FTX's Bankruptcy Plan
  • Dogecoin Appears on Track for a 'Golden Cross'
    01:01
    Dogecoin Appears on Track for a 'Golden Cross'
  • TON, RNDR Surge; Kraken Asks Court to Dismiss SEC Claims
    02:07
    TON, RNDR Surge; Kraken Asks Court to Dismiss SEC Claims
  • Are Art NFTs Here to Stay?
    15:56
    Are Art NFTs Here to Stay?

    • South Korea news outlet News 1 on Tuesday said Binance will announce the reduction of its stake in GOPAX "within a month or two," citing Steve Young Kim, director of Binance's Asia-Pacific region.

    "We are in early-stage discussions about our stake in GOPAX," a Binance spokesperson told CoinDesk by email. "As it's still preliminary, we can't share more details at this time."

    South Korea's Financial Services Commission (FSC) proposed new rules geared toward consumer protection at the end of last year, which would provide statutory grounds for sanctions, including criminal penalties, "to punish unfair trading activities using virtual assets." They would also require exchanges to monitor abnormal transactions and alert the regulator when appropriate.

    Read More: South Korean Financial Regulator Says U.S. Bitcoin ETFs May Violate Local Law

    Edited by Sheldon Reback.



    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley
    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Follow @JamieCrawleyCD on Twitter

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.