Binance Nears the End of Discussion to Sell Majority Stake in Gopax

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Binance, the world’s leading cryptocurrency exchange, is close to the end of discussions with South Korean cloud service provider Megazone to sell most of its ownership in Gopax, a fast-growing cryptocurrency exchange in the South Korean crypto market. According to recent reports, Binance plans to decrease its existing 72.6% share in Gopax to as little as 10%.

Binance plans to comply with strict regulations and ensure the smooth renewal of Gopax’s real-name account contract with Jeonbuk Bank. the contract, essential for Gopax’s operations, is set to expire on August 11, 2024. Notably, the sale is expected to help Gopax make the necessary regulatory adjustments and continue its services without interruption. 

Binance Stake Reduction in Gopax

Binance’s initial acquisition of a majority stake in Gopax in February 2023 was part of its strategy to re-establish its South Korean crypto market presence. However, shifting regulatory requirements, especially concerning reporting standards for virtual asset business operators (VASPs), compelled Binance to reassess its investment in Gopax.

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The lack of clear guidelines and the changing regulatory landscape prompted Binance to take preemptive measures to navigate potential compliance challenges. As reported by TheCoinRise, Binance reduced its ownership stake in Gopax

Notably, this decision came against the backdrop of increasing regulatory challenges faced by Binance globally, particularly from regulatory bodies such as South Korea’s Financial Services Commission (FSC) and the United States Securities and Exchange Commission (SEC).

Binance Celebrates 200M Users

Despite several significant legal challenges the exchange faces, it announced on June 8 that it reached a milestone of 200 million global users. Notably, this achievement marks a moment in Binance’s ambitious journey to onboard one billion users, roughly one in every eight people on Earth. Good to know that Binance attributed its success to the unwavering support of its users. If this trend continues, Binance will reach 300 million users by 2026.

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In addition to its growing user base, Binance set another industry record earlier this year. As reported in March, Binance reached $100 billion in user assets under custody. This averaged out to $500 worth of assets per user, underscoring the platform’s robust financial health and trustworthiness among its users.

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