The world’s largest crypto exchange Binance completed the acquisition of Gopax to officially re-enter the South Korean market on Thursday.
The plan was to announce the acquisition in 2013, but delayed due to final discussions and regulatory constraints. Gopax is among the top five crypto exchanges in South Korea.
The exchange earlier completed due diligence on the acquisition of Gopax and acquired a majority stake of 67%.
Upbit dominates South Korea’s crypto market with over 72% market share. However, Binance’s entry into the market could shift the market share towards Gopax.
The South Korean expansion will be the most important for Binance to establish leadership in the next wave of blockchain and web3 developments.
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