• Binance has bought 41.2% of South Korean crypto exchange GOPAX’s shares as part of its Industry Recovery Initiative (IRI).
• This investment follows a difficult period for GOPAX due to its ties with Genesis Global Capital, LLC last November.
• Binance aims to work closely with GOPAX and South Korean regulators to boost user protection standards in the country and improve user education through Binance Academy.
Binance Investment in South Korea’s Crypto Exchange GOPAX
Binance has made a major move into South Korea by buying 41.2% of the shares in the local cryptocurrency exchange GOPAX. The investment is part of Binance’s Industry Recovery Initiative (IRI) which was designed to support companies that were negatively impacted by events last year.
GOPAX Facing Difficulties Last November
GOPAX experienced difficulties last November due to its ties with Genesis Global Capital, LLC. As a result, the Korea-based crypto exchange stopped withdrawing principal and interest payments in its platform, GOFI.
Binance’s Aim With IRI
Binance CEO Changpeng Zhao announced that the IRI was created to support promising companies that were hurt by these events. Binance is looking to work closely with GOPAX and South Korean regulators to boost user protection standards in the country and improve user education through Binance Academy.
Returning To South Korea After 2021 Ultimatum
In 2021, Binance had discontinued its trading pairs and payment options in South Korea after an ultimatum from authorities demanding it register according to anti-money laundering laws or risk criminal charges. Now, this new investment allows them to return and provide cryptocurrency services through GOPAX once again.
Conclusion
Overall, this new investment marks a major milestone for Binance as they re-enter the Korean market after their suspension two years ago. Their aim is to work closely with both GOPAX and Korean regulators so they can help protect users while also improving user education about blockchain technology through Binance Academy.