Binance Re-enters South Korean Market After Investing In Crypto Exchange GOPAX

Twitter icon  •  Published 1 year ago  •  Hassan Maishera

The world’s leading crypto exchange Binance is set to re-enter the South Korean market after investing in GOPAX.

Binance, the world’s leading cryptocurrency exchange, announced on Friday that it has invested in GOPAX, a leading South Korean cryptocurrency exchange licensed to provide fiat-to-crypto services to customers, as part of its Industry Recovery Initiative (IRI). 

In its blog post, Binance explained that last month, GOPAX halted the withdrawal of principal and interest payments in its decentralized finance (DeFi) service GoFi as a consequence of the upstream challenges experienced by Genesis Global Capital, LLC. 

Since the Genesis incident, GOPAX has been working closely with local regulators and industry partners in an effort to raise funds to make affected users whole.

Binance invested in the company because it recognizes GOPAX’s commitment to its users and shares its goal of raising user protection standards by fostering a sustainable and responsible environment for cryptocurrency investments and trading in South Korea. 

Binance added that it would inject capital into GOPAX with the objective of securing in full any potential GoFi users’ withdrawal requests against all staked deposits, including interest.

The investment will give Binance a majority stake in GOPAX, allowing the world’s leading cryptocurrency exchange to re-enter the South Korean market. Binance added that it would work closely with GOPAX to improve user education and blockchain awareness through Binance Academy, an open-access blockchain and crypto learning portal that provides free educational resources to users.

While commenting on this latest development, Changpeng “CZ” Zhao, founder and CEO of Binance, said; 

“Binance has a responsibility to protect our users, as well as our industry. The Industry Recovery Initiative was created to support promising companies that were negatively impacted by the events of last year. We hope that taking this step with GOPAX will further rebuild the Korean crypto and blockchain industry.”

Binance’s continued expansion globally and more positive Binance reviews ensure that the cryptocurrency exchange further cements its place as the world’s leading digital asset trading platform.

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.