{"id":604689,"date":"2023-02-04T19:51:56","date_gmt":"2023-02-05T01:51:56","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/04\/binance-invests-in-crypto-exchange-gopax-years-after-south-korea-exit\/"},"modified":"2023-02-04T19:51:56","modified_gmt":"2023-02-05T01:51:56","slug":"binance-invests-in-crypto-exchange-gopax-years-after-south-korea-exit","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/04\/binance-invests-in-crypto-exchange-gopax-years-after-south-korea-exit\/","title":{"rendered":"Binance Invests in Crypto Exchange GOPAX Years after South Korea Exit"},"content":{"rendered":"
\n

Binance, the world\u2019s largest cryptocurrency exchange, has injected
\ncapital into distressed South Korean crypto exchange, GOPAX, two years after it
\nshut down its affiliate in the country due to low patronage. <\/p>\n

Bloomberg<\/em><\/em> reports that the crypto exchange purchased a majority stake
\nin GOPAX. Earlier in the month, Finance Magnates<\/em> reported that Binance was
\nmaking plans to acquire<\/a> GOPAX CEO Lee Jun-Haeng’s
\n41.2% majority shares in the crypto exchange.<\/p>\n

However, in a blogpost<\/a> published on Friday,
\nBinance only disclosed investing in GOPAX without stating the amount of capital to be released. The top crypto exchange, however, pointed out that the investment originates
\nfrom the $1 billion cryptocurrency recovery fund it launched in November<\/a> last year in the
\naftermath of the collapse of once-leading crypto exchange, FTX.<\/p>\n

FTX\u2019s collapse created a contagion that affected a number of digital
\nassets firms including BlockFi<\/a> and Genesis. Crypto
\nlender Genesis suspended withdrawal<\/a> on its platform in
\nNovember, citing \u201cliquidity crunch.” GOPAX also made a similar
\nmove to its yield product GoFi because of its exposure to Genesis.<\/p>\n

Watch the recent FMLS22 session on ongoing transformation in the crypto market structure.<\/strong><\/em><\/p>\n

Binance Says Withdrawal Will Restart on GOPAX<\/h2>\n

However, Binance\u2019s new capital in GOPAX means that the South Korean
\ncrypto exchange can fund GoFi users\u2019 withdrawal requests on staked deposits and
\ninterests. GOPAX has been working closely with local regulators and industry
\nstakeholders since last year in an effort to raise funds, Binance said.<\/p>\n

\u201cWe hope that taking this step with GOPAX will further build the Korean
\ncrypto and blockchain industry,\u201d Changpeng Zhao, Binance\u2019s Co-Founder, noted in
\nthe blogpost.<\/p>\n

The leading crypto exchange also noted that it remains committed to
\npartnering with regulators and crypto stakeholders in South Korea \u201cto explore
\nhow Binance can leverage its technology and liquidity to support the local
\necosystem.\u201d<\/p>\n

Binance Seeks Global Presence<\/h2>\n

Binance\u2019s re-entry into South Korea through its investment in GOPAX is
\none of several expansionary efforts the leading exchange has made in recent
\nmonths. Earlier this month, the exchange got its Swedish registration<\/a>, marking its 7th
\nregulatory license in the European Union. <\/p>\n

Across the globe, the digital asset
\ncompany is now licensed in 15 jurisdictions. This includes its recent license acquisition in Japan<\/a> following its
\ncomplete acquisition of Sakura Exchange Bitcoin, a crypto platform regulated by
\nthe Japanese Financial Services Agency. In addition, Binance recently introduced off-exchange settlement<\/a> to its institutional investors.<\/p>\n<\/div>\n

\n

Binance, the world\u2019s largest cryptocurrency exchange, has injected
\ncapital into distressed South Korean crypto exchange, GOPAX, two years after it
\nshut down its affiliate in the country due to low patronage. <\/p>\n

Bloomberg<\/em><\/em> reports that the crypto exchange purchased a majority stake
\nin GOPAX. Earlier in the month, Finance Magnates<\/em> reported that Binance was
\nmaking plans to acquire<\/a> GOPAX CEO Lee Jun-Haeng’s
\n41.2% majority shares in the crypto exchange.<\/p>\n

However, in a blogpost<\/a> published on Friday,
\nBinance only disclosed investing in GOPAX without stating the amount of capital to be released. The top crypto exchange, however, pointed out that the investment originates
\nfrom the $1 billion cryptocurrency recovery fund it launched in November<\/a> last year in the
\naftermath of the collapse of once-leading crypto exchange, FTX.<\/p>\n

FTX\u2019s collapse created a contagion that affected a number of digital
\nassets firms including BlockFi<\/a> and Genesis. Crypto
\nlender Genesis suspended withdrawal<\/a> on its platform in
\nNovember, citing \u201cliquidity crunch.” GOPAX also made a similar
\nmove to its yield product GoFi because of its exposure to Genesis.<\/p>\n

Watch the recent FMLS22 session on ongoing transformation in the crypto market structure.<\/strong><\/em><\/p>\n

Binance Says Withdrawal Will Restart on GOPAX<\/h2>\n

However, Binance\u2019s new capital in GOPAX means that the South Korean
\ncrypto exchange can fund GoFi users\u2019 withdrawal requests on staked deposits and
\ninterests. GOPAX has been working closely with local regulators and industry
\nstakeholders since last year in an effort to raise funds, Binance said.<\/p>\n

\u201cWe hope that taking this step with GOPAX will further build the Korean
\ncrypto and blockchain industry,\u201d Changpeng Zhao, Binance\u2019s Co-Founder, noted in
\nthe blogpost.<\/p>\n

The leading crypto exchange also noted that it remains committed to
\npartnering with regulators and crypto stakeholders in South Korea \u201cto explore
\nhow Binance can leverage its technology and liquidity to support the local
\necosystem.\u201d<\/p>\n

Binance Seeks Global Presence<\/h2>\n

Binance\u2019s re-entry into South Korea through its investment in GOPAX is
\none of several expansionary efforts the leading exchange has made in recent
\nmonths. Earlier this month, the exchange got its Swedish registration<\/a>, marking its 7th
\nregulatory license in the European Union. <\/p>\n

Across the globe, the digital asset
\ncompany is now licensed in 15 jurisdictions. This includes its recent license acquisition in Japan<\/a> following its
\ncomplete acquisition of Sakura Exchange Bitcoin, a crypto platform regulated by
\nthe Japanese Financial Services Agency. In addition, Binance recently introduced off-exchange settlement<\/a> to its institutional investors.<\/p>\n<\/div>\n

Read More<\/a>
\n Solomon Oladipupo<\/p>\n","protected":false},"excerpt":{"rendered":"

Binance, the world\u2019s largest cryptocurrency exchange, has injected capital into distressed South Korean crypto exchange, GOPAX, two years after it shut down its affiliate in the country due to low patronage. Bloomberg reports that the crypto exchange purchased a majority stake in GOPAX. Earlier in the month, Finance Magnates reported that Binance was making plans<\/p>\n","protected":false},"author":1,"featured_media":604690,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22426,29206],"tags":[],"class_list":["post-604689","post","type-post","status-publish","format-standard","has-post-thumbnail","category-binance","category-invests"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/604689","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=604689"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/604689\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/604690"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=604689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=604689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=604689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}