Exchange Watch News

Binance is Getting Ready to Sell the Majority of Its Gopax Shares on the South Korean Stock Exchange

single-image

Binance has reached an agreement with Megazone to offload a significant portion of its ownership in Gopax, a prominent cryptocurrency exchange in South Korea.

Stay in the know on crypto by frequently visiting Crypto News Today

Binance, the cryptocurrency exchange with the highest transaction volume globally, is in the advanced stages of discussions with South Korean cloud services provider Megazone to offload the majority of its shares in Gopax, a prominent crypto exchange in South Korea.

CryptoCaster Quick Check:

Binance Starts Final Discussions to Sell Gopax Shares with South Korean Megazone

A recent report from a local media outlet indicates that Binance’s ownership stake in Gopax will decrease to around 10% upon the successful completion of the deal.

Advertisement

In February 2023, Binance completed the acquisition of Gopax, obtaining a majority stake of 72.26% in response to liquidity challenges stemming from the Genesis Global Capital crisis associated with FTX.

As of now, Binance’s ownership in Gopax stands at 67.45%, solidifying its position as the primary shareholder in the company.

Advertisement

After the purchase, Gopax submitted a report to the South Korean Financial Services Commission (FSC) detailing a significant change in major shareholders for the registration of virtual asset services.

Nevertheless, the FSC postponed the approval of the ownership transfer due to legal issues related to Binance in the United States.

In order for the approval process to move forward, the FSC asked Binance to decrease its ownership stake to less than 10%. Binance had already indicated its plan to reduce its stake in Gopax as far back as January 2024.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


We hope you found this article insightful. Before you go, please consider supporting CryptoCaster’s independent journalism.

In the world of media owned by billionaires like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase), influence over narratives surrounding cryptocurrency and Web3 often reflects their interests. CryptoCaster is different. With no billionaire backers or shareholder obligations, we are committed solely to public interest journalism, covering crypto advancements and institutional changes without profit-driven motives.

Unlike much of mainstream media, which can fall into neutrality traps that obscure the real impacts on retail investors, we’re guided by transparency and integrity. We are unafraid to take a stand in the ongoing struggle against fiat banking dominance and in support of the monetary innovation driven by crypto and Web3. Reporting on issues like FTX, Binance, and Ripple, we bring a bold, unfiltered outsider’s view on global financial disruption—free from the constraints of traditional media narratives.

CryptoCaster remains paywall-free, accessible to everyone, thanks to the support of readers like you. Your contributions keep us independent and help ensure that critical information on the crypto landscape reaches all. If you value our work, please consider supporting us with a one-time contribution starting at just $1 in Bitcoin or Ether, or even monthly if you’re able. Scroll down to find our wallet addresses and help keep CryptoCaster independent and thriving.

Thank you for your support,

Kristin Steinbeck
Editor, CryptoCaster


Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.


Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
SOL – DLvdMu85dW6pZMhw2E4S3pp81qQQGpy5UcdTsFEFBu4b
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


CRYPTOCASTER HEATMAP


You may also like