• Binance is close to sealing a deal to acquire a majority stake in the South Korean crypto exchange Gopax.
• The deal has been agreed in principle, but there are still some legal and procedural hurdles to clear before it can be made official.
• If completed, this would give Binance direct access to the high-volume South Korean crypto market.
One of the biggest players in the crypto exchange market, Binance, is reportedly close to sealing a deal to acquire a majority stake in South Korean crypto exchange Gopax. If successful, it would give the world’s top crypto exchange direct access to the highly lucrative South Korean market.
The deal has been agreed in principle, but there are still some legal and procedural hurdles to clear before it can be made official. Gopax is one of only five domestic exchanges to have been granted a fiat KRW trading license, and it also has a banking deal with Joenbuk Bank, which provides individual accounts for all Gopax customers. This makes it an attractive target for Binance.
However, Gopax has denied that the deal has been completed and said it was “unable to confirm” the veracity or otherwise of the reports. Media outlets have suggested that Binance had planned to announce the acquisition around Christmas last year, but a few final obstacles remained, such as consultations with minor shareholders and “procedural inspections” pertaining to foreign investors wishing to do business in South Korea.
If the deal goes through, it would give Binance a direct line into a high-volume crypto exchange and open up the South Korean market to its services. It would also give Binance a foothold in one of the biggest crypto markets in the world.
The acquisition would be a major boost for Binance, as it would give it access to a larger customer base and a wider range of services. Although the deal is yet to be finalized, it’s clear that Binance has its eye on the potential of the South Korean crypto market and is keen to capitalize on it.