Binance acquires majority stake in Korean crypto exchange GOPAX

Binance Holdings plans to return to South Korea after pulling out of the market in 2021. The world’s largest cryptocurrency trading platform by volume said it had acquired a majority stake in South Korea-based crypto exchange GOPAX. 

In November, GOPAX suspended customer withdrawals from its DeFi service, GoFi, after suffering effects from the bankrupt lender Genesis Global Trading, a Digital Currency Group (DCG) subsidiary. Genesis offered yields on crypto lending to GOPAX, and DCG, which invested in GOPAX in April 2021, is the second largest shareholder of GOPAX. In addition, GOPAX’s parent company, Streami, is one of the 10 largest creditors of Genesis.