Binance set to acquire South Korean crypto exchange GOPAX: Sources by DailyCoin

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Binance Set to Acquire South Korean Crypto Exchange GOPAX: Sources Major crypto exchange Binance plans to acquire a 41% stake in GOPAX. A source said Binance expects to complete the acquisition late last year. The stake will be purchased from Lee Jun-haeng, CEO and largest shareholder of Gopax. Binance has invested in several companies during the current bear market.

According to a local media report, top crypto exchange Binance is set to acquire Korean crypto exchange GOPAX as it intends to buy a 41% stake in the company.

At press time, the global stock exchange has completed due diligence for the acquisition. According to a source familiar with the deal, Binance originally intended to complete the purchase late last year. However, the source said negotiations on the deal were expected to drag on into the new year due to ongoing discussions over the value of the stake.

The stake will be purchased from Lee Jun-haeng, Gopax’s largest shareholder. Jun-haeng is the exchange’s CEO and will continue to maintain the stable leadership position.

Recall that the stock market had announced its direct entry into the Korean market via its subsidiary.

Binance is looking to invest in companies amid the bear market

Ever since the FTX saga engulfed the crypto space, Binance has continued to rescue struggling businesses. In November, the exchange committed $1 billion to help struggling assets amid the crisis. However, CEO Changpeng Zhao said the projects would only focus on original assets, not fraudulent assets.

This initiative has received support from many companies, including TRON, Huobi Global, and Poloniex. Shortly after, Binance purchased Sakura Exchange (SEBC), the Japanese-registered crypto exchange service provider. Although Binance did not disclose the terms of the transaction, it affirmed its commitment to offer regulated services in Japan through SEBC.

In early November, the exchange also defended a strategic investment in hardware wallet maker NGRAVE. Notably, Binance noted that its investment in the wallet maker aims to bolster crypto self-custody.

Additionally, he initiated a private equity investment for GoPlus, a security infrastructure company.

On the Flipside, Binance also attempted to acquire FTX amid its crisis. The company then announced the termination of the agreement, citing due diligence. Why You Should Care

A disagreement with the local regulator led Binance to shut down its South Korean affiliate in December 2020. The acquisition of GOPAX would allow Binance to consolidate its position in the South Korean crypto market.

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