Binance Makes An Entry Into South Korean Market With Launch Of GOPAX

The largest name in the world of crypto exchanges, Binance is ready to make a comeback in the South Korean market. The exchange is confident that it will be able to expand its business in the country.

Therefore, the exchange is expanding its services throughout the country. However, the exchange is planning to do it with the help of a different cryptocurrency trading platform.

Gopax Gains Access to the South Korean Crypto Market


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The exchange has announced that they are entering the South Korean market with the acquisition of a new crypto trading platform.

As per the officials, they have acquired the Gopax platform and it will grant them access to the South Korean crypto trading market.

In order to gain access to the South Korean market, Binance decided that it was going to tap a deal with Gopax. It is a local cryptocurrency trading platform based in South Korea, which is backed by the Digital Currency Group (DGC).

The exchange reportedly acquired a majority stake in the Gopax trading platform just so it could enter the South Korean market.

It was on February 3, when the Binance exchange officials announced they had acquired the Gopax trading platform.

It was two years ago when the Binance exchange exited the South Korean crypto market. Finally, the exchange has decided to re-enter the South Korean market after such a long time.

Payment for the Acquisition

As per the officials at the Binance exchange, they made the transaction for the acquisition of the majority stake in Gopax through a unique fund.

The particular fund is the “Industry Recovery Initiative”, which is a pledge made by the Binance exchange. So far, the valuation of the pledge is worth $1 billion.

Statement by Changpeng Zhao

The chief executive officer at Binance recently issued a statement in favor of the cryptocurrency industry.


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He stated that the Binance exchange is responsible for the safety and protection of cryptocurrency users.

However, they believe that their efforts are limited not only to the users. Instead, the purpose of their exchange is to provide protection and safety to the entire cryptocurrency industry.

They want to offer them as much support as possible to make things feasible and highly convenient for the users.

The reason behind the formation of the Industry Recovery Fund was to ensure that any firms facing financial losses would be supported by the initiative.

The particular fund was launched last year by the Binance exchange after the FTX crash took place. As a result, the entire cryptocurrency industry lost its credibility.

The users and investors in the crypto industry were unhappy that the crypto industry was unsafe and unprotected.

Therefore, Binance came up with the initiative to ensure that none of the crypto firms faced the same fate as the FTX exchange.

This way, the investors would never lose their confidence and face the same situation as the FTX exchange.

Support for GOPAX


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As per the Binance officials, GOPAX had been facing a financial crisis and other problems. As a result, the platform found it extremely difficult to operate in the South Korean region.

Now that Binance has acquired a majority stake in GOPAX through the initiative, it will be able to support it significantly.

The platform will be able to continue operating in South Korea and it will gain the opportunity of expanding its operations in the country.

As of now, the terms of the deal have not been revealed but the exchange now has a majority stake in the exchange.

The exchange has acquired a 41% stake in the respective exchange. Now, Binance is the largest shareholder in Gopax and it is going to expand its services in a particular region.

Binance had been working on the deal since 2022 and finally, they acquired the platform as a result of the deal.


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