Claim BonusBreaking: Binance To Re-Enter South Korea Market With Latest Acquisition
The world’s largest crypto exchange Binance on Monday completed due diligence on the acquisition of Gopax and will re-enter the South Korean market. Gopax is among the top five crypto exchanges in South Korea. The plan was to announce the acquisition around Christmas, but delayed due to final discussions, as per an official familiar with the matter.
Binance To Acquire Gopax For South Korea’s Entry
Binance CEO Changpeng “CZ” Zhao was actively looking to re-enter South Korea after it exited in January 2021. South Korea has one of the world’s largest crypto economies, an excellent talent pool, and a startup community, which is still an attractive market for Binance. The South Korean expansion will be the most important for Binance to establish leadership in the next wave of blockchain and web3 developments.
Binance is officially coming to South Korea by acquiring Gopax, reported Wu Blockchain on January 2. Binance has recently completed due diligence on the acquisition of Gopax. The discussions have reached the final stage as Binance looks to buy a majority stake from CEO Lee Jun-haeng, who has a 41.2% stake in Gopax.
“We originally planned to announce the acquisition around Christmas last year, but we are in the process of final discussions on the value of the stake,” said an official familiar with the matter.
South Korean financial authorities have strict requirements for foreign virtual asset operators for reasons such as anti-money laundering and investor protection. After the Terra-LUNA crisis, crypto companies have significantly strict guidelines to follow, along with the regular inspection.
South Korea’s crypto market is dominated by Upbit with over 80% market share. However, Binance’s entry into the market could turn the market share towards Gopax.
Binance’s Expansion in Southeast Asia
Binance rapidly expanded its footprint in European and Southeast Asian countries in 2022. On November 30 last year, Binance entered the Japanese market through the acquisition of Sakura Exchange BitCoin (SEBC). Moreover, it acquired the Indonesia-based exchange Tokocrypto in December.
Also Read: Bitcoin Price Bottom Approaching Fast, Time To Buy The Dip?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- BlackRock Bitcoin ETF (IBIT) Options Data Signals Rising Interest in BTC Over Gold Now
- XRP and RLUSD Holders to Access Treasury Yields as Institutional-Grade Products Expand on XRPL
- Prediction Market News: Polymarket to Offer Attention Markets Amid Regulatory Crackdown
- How “Quiet Builders” Are Winning the Web3 Race
- XRP News: Ripple Taps Zand Bank to Boost RLUSD Stablecoin Use in UAE
- Bitcoin Price Analysis Ahead of US NFP Data, Inflation Report, White House Crypto Summit
- Ethereum Price Outlook As Vitalik Dumps ETH While Wall Street Accumulates
- XRP Price Prediction Ahead of White House Meeting That Could Fuel Clarity Act Hopes
- Cardano Price Prediction as Bitcoin Stuggles Around $70k
- Bitcoin Price at Risk of Falling to $60k as Goldman Sachs Issues Major Warning on US Stocks
- Pi Network Price Outlook Ahead of This Week’s 82M Token Unlock: What’s Next for Pi?
