On January 30, rumors appeared in the Korean media that Binance plans to reduce its stake in Gopax over the next two months. All this turned out to be true — representatives of the crypto exchange are really negotiating. However, they do not provide more detailed information.
Binance bought a controlling stake in Gopax in February 2023 as part of its return to the South Korean market. In 2021, the crypto exchange had to shut down all operations in South Korea due to the lack of high activity and low trading volumes.
At the time of the acquisition, Gopax was experiencing difficulties — it was one of the largest creditors of the bankrupt Genesis company. The exact amount of the transaction is still unknown.
In June, South Korea's Financial Services Commission said it could cancel the Binance and Gopax deal. The reason is a lawsuit by the U.S. Securities and Exchange Commission (SEC), which accuses Binance of money laundering and terrorist financing.