• Binance is reportedly close to sealing a deal to buy a majority stake in the South Korean crypto exchange Gopax.
• Reports suggest that the deal has been agreed in principle, but there are still a few final remaining legal and procedural hurdles to be cleared.
• Should Binance complete the move, it will gain access to the high-volume South Korean market.
One of the world’s largest cryptocurrency exchanges, Binance, is reportedly close to finalizing a deal to acquire a majority stake in the South Korean crypto exchange Gopax. According to multiple domestic media reports, the deal has been agreed in principle, but there are still a few remaining legal and procedural hurdles that need to be cleared before the deal can be made official.
Gopax is one of only five domestic exchanges to have been granted a fiat KRW trading license, and also has a banking deal with Joenbuk Bank, which provides individual accounts for all Gopax customers. Should Binance complete the move, it will gain direct access to the high-volume South Korean market.
However, despite reports that the deal has been completed, Gopax has denied these claims and said that it was “unable to confirm” the veracity or otherwise of the reports. Decenter wrote that Binance had already “completed” its due diligence for what it called the “acquisition of Gopax,” and that the exchange was “taking the final steps” needed before “confirming the procedure.”
The media outlet stated that an unnamed person close to the deal had confirmed that Binance had “planned to announce the acquisition around Christmas last year,” but added that a few final obstacles still remained. These could pertain to consultations with minor shareholders and “procedural inspections” pertaining to foreign investors wishing to do business in South Korea.
Should Binance successfully complete the deal and acquire a majority stake in Gopax, it will gain access to the high-volume South Korean crypto market, which is currently estimated to be worth around $4.6 billion. It is expected that the move will significantly bolster Binance’s presence in the region, and will help to further promote the adoption of cryptocurrencies in South Korea.