Crypto giant Binance is planning on acquiring the Korean crypto exchange Gopax as it intends to purchase a 40% stake from the firm. Currently, the crypto exhcange is taking its final steps in acquiring the Korean exchange. The due diligence is said to be completed on the acquisition and finalization of the process. Analysts claim that the deal was supposed to be announced back in 2022 itself but it was delayed due to consultations over equity value calculations. Binance is said to have purchased the biggest stake in Gopax and will see to the expansion of its domestic business.
Gopax is touted as one of the five-largest crypto exchanges in South Korea. The exchange's history of growth and development has been considered an example for several upcoming crypto businesses. Gopax has shown exceptional growth in 2022 until FTX started to face liquidity issues and its golden empire fell from its graces.
Experts claim that Binance had sought to enter the Korean crypto market for quite a long time now; however, the company has faced severe regulatory barriers and restrictions from the government that is trying to protect its citizens from money laundering and several other crimes. The acquisition of Gopax by Binance will majorly change the composition of the Korean cryptocurrency market. This alliance will bring more options for investors and opportunities for domestic projects to expand on an international scale.
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