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