Binance is Back in South Korea With Latest Acquisition: Report

Binance has purchased 41% of South Korean cryptocurrency exchange GOPAX, per local media

article-image

Source: Shutterstock / ESB Professional, modified by Blockworks

share

Crypto exchange giant Binance is once again making moves in South Korea, as it is reportedly acquiring a major stake in local exchange GOPAX.

According to Korean crypto news website Decenter, the largest centralized exchange in the world is finalizing an acquisition which was supposedly meant to close around Christmas last year. 

Binance will be buying a 41.2% stake from GOPAX CEO Lee Jun-Haeng, who will remain at the exchange once the sale is finalized.

GOPAX is already one of the five largest crypto exchanges in South Korea. A majority of the domestic market dominated by Upbit, followed by other popular exchanges Bithumb, Coinone and Korbit. 

A second attempt at South Korean market for Binance

If confirmed, the investment marks an evolution of Changpeng “CZ” Zhao’s strategy for the country; the centralized exchange previously terminated its operations in South Korea, citing low usage and limited trading volumes on its stablecoin BKRW, linked to the Korean won. 

“Following the closure of the exchange, the Binance KR team will reassess its market strategy based on the resources and experience gained from operating a local exchange,” the company wrote in a blog post dated Dec. 24, 2020.

The latest GOPAX acquisition may provide an alternative solution for Binance to enter a market known for its strict restrictions on digital asset operators.

That being said, South Korea is one of many on Binance’s expansion roadmap. 

The exchange has been actively making moves to expand its influence in cryptocurrency markets across the world, securing regulatory approvals in countries such as France, Italy, Spain, Bahrain, the United Arab Emirates, New Zealand, Kazakhstan, Poland, Lithuania and Cyprus.

Most recently, it acquired highly regulated cryptocurrency exchange Sakura Exchange BitCoin (SEBC) in Japan.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. What you can expect: And more! Don’t miss out on the opportunity to be in the room when the future of crypto is decided. Join us and help shape the future of our […]

recent research

Research report - cover graphics-2.jpg

Research

Base has doubled-down on its commitment to the Superchain vision, has shown early signs of success with nearly $400M in TVL, and has become home to novel dapps such as friend.tech which has seen significant traction.

article-image

The bitcoin halving slated for April 2024 — an event expected to spur upward price action for BTC — could be a boon for Block’s stock price, analysts say

article-image

Seed Club founder Jess Sloss is excited to “open the doors and let other people see what we’ve been seeing for the last few months”

article-image

Blockchain is a “natural fit” in games based on open economies and user-generated content, says Wyatt

article-image

Their current stance is a half-baked attempt that could stifle innovation and burden an emerging industry

article-image

Maker’s DeFi-focused “subDAO” passed a proposal activating a lending market for DAI on the Gnosis Chain

article-image

Certain creditors could be repaid sooner, with one hedge fund exec telling Blockworks it expects a payout by the end of the year