Binance Re-enters South Korea with GOPAX Exchange in 2023

0
39
Binance
Binance

Binance has re-entered South Korea with its acquisition of the GOPAX exchange. The acquisition is a major step forward for the world’s largest cryptocurrency exchange as it looks to expand its presence in the country.

Binance first entered South Korea in 2018, but it had to exit the country due to regulatory issues. The exchange was unable to comply with the strict regulations that the Korean government put in place and had to leave the market.

Binance Hopes For Better This Time

Changpeng Zhao, CEO of Binance, emphasised that Binance is tasked with safeguarding not just cryptocurrency consumers but also the whole industry. The Industry Recovery Initiative was established to assist burgeoning businesses that were adversely affected by last year’s events. We anticipate that moving forward with GOPAX would help the Korean cryptocurrency and blockchain industries to further recover.

Now, with the acquisition of GOPAX, Binance is back in the South Korean market. The exchange is expected to launch its services shortly, offering its users access to a wide range of digital assets, including Bitcoin, Ethereum, Ripple, and other top cryptocurrencies.

Due to problems encountered by the now-bankrupt cryptocurrency lending company Genesis Global Capital, Gopax stopped withdrawing principle and interest payments from its decentralised finance (DeFi) service GoFi. 
According to reports, Genesis was Gopax’s second-largest stakeholder and significant commercial partner before declaring bankruptcy. Genesis provided its GoFi product.

Their entry into South Korea is a major step forward for the exchange as it looks to capitalize on the country’s vibrant crypto market. South Korea is one of the largest crypto markets in the world, with a total market capitalization of over $75 billion.

The entry could also lead to new opportunities for the company. The exchange is looking to expand its reach in the country and is expected to launch a range of services, such as a fiat-to-crypto gateway and a digital asset exchange