Binance, the world’s largest crypto exchange, completed due diligence on the acquisition of Gopax on January 2nd and will re-enter the South Korean market.
Gopax is one of South Korea’s top five cryptocurrency exchanges. According to an official familiar with the matter, the acquisition was supposed to be announced around Christmas but was postponed due to final negotiations.
Binance CEO Changpeng “CZ” Zhao was actively looking to re-enter South Korea after the company left in January 2021. Binance has recently completed due diligence on the acquisition of Gopax. The discussions have reached the final stage as Binance looks to buy a majority stake from CEO Lee Jun-haeng, who has a 41.2% stake in Gopax.
(Reporting by Shikha Singh, Editing by Kapil Rajyaguru)
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