Binance Veers into South Korea with Gopax: A Major Crypto Market Re-entry

Binance has confirmed its return to South Korea by acquiring a stake in local cryptocurrency exchange Gopax. This move marks the re-entry of Binance into South Korea’s crypto market after two years by acquiring GOPAX, which is among the top five crypto exchanges in South Korea. According to recent reports, the firm has acquired a stake in a prominent South Korean exchange called Gopax.

According to an announcement, the acquisition was funded by Binance. Notably, Binance purchased a stake in GOPAX from the Industry Recovery Initiative, which it founded late last year following the FTX collapse. The company plans to infuse funds into Gopax to further develop its platform and services. Back in January, Binance revealed that it was eyeing a return to the South Korean market.

South Korea news outlet News 1 on Tuesday said Binance will announce the reduction of its stake in GOPAX within a month or two, citing Steve Young Kim, director. This development will be closely watched as Binance strengthens its presence in a key Asian crypto market.