Binance, is nearing the end of talks to sell a majority stake in Gopax, a local exchange, with Megazone, a cloud service provider in South Korea.
According to local reports, Binance is getting ready to sell its 72.6% ownership of the Gopax exchange for as little as 10%.
According to a report by South Korea’s The Chosun Ilbo news agency on July 11, Binance is getting ready to sell its 72.6% ownership of the Gopax exchange for as little as 10%.
According to the article, which quotes an unnamed Gopax industry insider, Binance is pressuring the sale of Gopax shares to strengthen its governance structure in response to requests from regional financial regulators.
The sale occurs just a few weeks before Gopax is anticipated to extend its August real-name account agreement with Jeonbuk Bank. August 2022 saw the signing of a two-year real-name account arrangement between Jeonbuk Bank and Gopax. According to reports, the deal ends on August 11, 2024.
With great intentions to reenter the South Korean market after wrapping up several businesses in the Asian nation in 2021, Binance purchased a 72.26% interest in the country in February 2023. The decision by the financial authorities in South Korea to reject the change in the main shareholder ultimately halted the capital injection.