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Major cryptocurrency exchange Binance is returning to South Korea with the new acquisition of local crypto trading platform Gopax.
Binance has acquired a majority stake in troubled crypto exchange Gopax, re-entering South Korea after exiting the market two years ago, Bloomberg reported on Feb. 3.
Funding for the transaction reportedly came from an investment project initiated by Finance known as the Industry Recovery Initiative, for which Binance pledged $1 billion.
Binance business chief Yibo Ling said that Binance had acquired a “meaningful” equity position in Gopax without disclosing the terms of the deal.
The acquisition comes months after Gopax stopped recalling certain products in November 2022 amid the FTX exchange collapse. According to Ling, Binance plans to spend new capital into the exchange to enable customer withdrawals and interest payments for Gopax’s GoFi yielded products.
“The fundamental thrust of this deal is to support the customer and ensure that any customer who wants to withdraw their assets has the ability to do so,” said Ling.
This is an evolving story, and more information will be added as it becomes available.
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