Binance Reassessing Majority Stake in South Korean GOPAX Exchange

• Binance Considers Its Stake in South Korean Crypto Exchange GOPAX
• Stake Reduction to be Announced
• Statement from Binance
• New Rules Proposed by South Korea's Financial Services Commission

Binance Considers Its Stake in South Korean Crypto Exchange GOPAX

Binance, the global leader in cryptocurrency exchange by trading volume, is reportedly reconsidering its majority stake in the South Korean crypto platform GOPAX. This comes after having previously exited the market, only to re-establish its presence in February 2023.

Stake Reduction to be Announced

According to the South Korean news agency News 1, Binance is expected to declare the decrease in its stake in GOPAX in the coming one to two months. This information was provided by Steve Young Kim, who manages Binance's Asia-Pacific operations.

Statement from Binance

In an email to a news source, a representative from Binance confirmed that the company is in the preliminary stages of discussions regarding its stake in GOPAX but are unable to share further details at this time.

New Rules Proposed by South Korea's Financial Services Commission

These discussions come in the wake of proposals by South Korea's Financial Services Commission (FSC) to implement new regulations aimed at protecting consumers. These rules, proposed towards the end of last year, would offer a legal basis for imposing sanctions, potentially even criminal penalties, against illicit trading activities involving virtual assets.

In addition, under these new regulations, exchanges would be obligated to keep an eye on unusual transactions and notify the regulatory authority when necessary.

Edited by Jonathan Stoker