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The world’s largest crypto exchange Binance’s deal to acquire crypto exchange Gopax to re-enter South Korea’s has reportedly failed amid regulatory and legal challenges. A South Korea-based crypto exchange has signed an acquisition contract with Gopax to acquire a majority stake in the exchange, according to sources familiar with the matter.
Binance No Longer Majority Stakeholder of Gopax?
Gopax, one of the largest crypto exchanges in South Korea, has signed a purchase and sale contract with a domestic crypto exchange, a local media reported on August 25.
Gopax team met with representatives of another crypto exchange and signed a contract to acquire a majority stake in the troubled crypto exchange. Therefore, the major shareholder of Gopax will possibly become a new acquirer. The details of the acquisition party are not revealed and Gopax expects to make an official announcement next week.
“I know that a new acquirer has recently completed a purchase and sale contract with me. The exact information on the acquirer is being thoroughly concealed as confidential even within Gopax, but I know that it will be officially announced next week.”
However, a Gopax official has denied an acquisition contract signed by another crypto exchange. He said, “This is not true, and there is nothing we can confirm about the acquisition.”
Meanwhile, Gopax announced yesterday that it had paid some of the outstanding funds to its wealth management product GoFi, which suspended withdrawals after Genesis suspended customer withdrawals and redemptions.
Binance’s acquisition of Gopax suffered roadblocks amid regulatory pressure from South Korea’s Financial Services Commission (FSC) and the U.S. SEC. In fact, Binance was in the final steps to complete the acquisition deal, but the SEC lawsuit worsen the situation.
Also Read: FTX Claims Agent Kroll’s Cybersecurity Breach Compromised Claimants Data
Binance Challenges US SEC
Binance has hired top lawyers to challenge the US SEC and reduce the SEC’s influence on the digital asset industry. Along with others such as Coinbase and Ripple, Binance also believes that the SEC is acting outside its regulatory oversight and jurisdiction.
Recently, attorney Andrew Rhys Davies filed a motion to appear pro hac vice in support of Binance. The attorney comes in as BinanceUS seeks protective order from the court in response to the SEC’s exceeding the agreed-upon consent order.
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