In a surprising turn of events, Binance, the world’s largest cryptocurrency exchange, has faced significant hurdles in reaching an agreement with South Korea’s Financial Services Commission (FSC) over the composition of shareholders for the GOPAX trading platform. The FSC’s stringent regulations regarding Binance’s governance structure and capital adequacy have presented major obstacles to the legalization of shareholder changes for GOPAX in South Korea. Faced with an impasse, Binance has made the difficult decision to divest its stake in GOPAX.
According to Binance Asia-Pacific director Steve Young Kim, “We are currently in the initial stages of exploring options for selling our stake in GOPAX, and we will provide more detailed information once the discussions are finalized.” It is anticipated that Binance will make an official announcement regarding the sale of its stake in the GOPAX exchange within the next few months.
This development marks a significant shift from a year ago when Binance made headlines with its reentry into the South Korean cryptocurrency market through the acquisition of a controlling stake in GOPAX. As the majority shareholder, Binance currently holds a 72.26% ownership in the South Korean trading platform.