Binance Enters South Korean Market With A Crypto Gopax Exchange Acquisition

Binance is in the agreement to acquire Gopax. (Photo; Doc. BCTD)

JAKARTA The world's largest crypto trading company by trading volume, Binance, has reportedly acquired a South Korean crypto exchange, Gopax.

This is Binance's move to enter the South Korean market. Gopax itself is South Korea's most widely used crypto exchange. The deal will signal Binance's entry into the South Korean market.

According to a report by crypto journalist Colin Wu, Binance has completed a final test on Gopax's acquisition. Binance recently completed a due diligence on Gopax's acquisition.

For information, Gopax is included in the five largest crypto trading companies in South Korea. Gopax is on par with Upbit, Coinone, Karfit, and Bitsum. Before acquiring Gopax, Binance first acquired the leading crypto exchange company from Indonesia, Tokocrypto.

According to Decenter, Binance recently completed a due diligence on the acquisition of Gopax. Gopax is one of South Korea's top five major exchanges (Upbit, Bitsum, Coinone, Coint, Gopax). Binance previously announced the acquisition of the stock exchange in Japan and Indonesia," wrote the statement Wu Blockchain (@WuBlockchain), January 2, 2023.

Based on the report, Binance intends to announce its purchase ahead of Christmas. However, the plan was postponed due to debate over the value of the deal at the last minute.

Binance will buy 41.2 percent of the shares from Gopax CEO Le Jun-Haeng, who is currently the largest shareholder. The report further says Binance has been actively exploring the Korean market, and this turns out to be the safest route to enter the market.

Previously, Binance had closed a partner company in South Korea following a feud with local regulators. In order to resolve the problem, the company has recruited the directors of KYC, AML, and so on.

Although news regarding Binance's acquisition of Gopax has surfaced, Binance itself has not provided confirmation regarding the acquisition of Gopax.