Major cryptocurrency exchange, Binance has returned to South Korea in collaboration with a local crypto exchange
Binance intends to expand its capacity for customer withdrawals and interest payments for Gopax's yield product GoFi.
Binance, a major cryptocurrency exchange, has recently acquired Gopax, a South Korean cryptocurrency trading platform. According to Bloomberg on February 3, Binance has re-entered South Korea after leaving the market two years earlier by purchasing a controlling interest in the struggling cryptocurrency exchange Gopax.
According to reports, the transaction's funding came from Finance's investment project, the Industry Recovery Plan, to which Binance donated $1 billion.
A "significant" ownership share in Gopax has been acquired by Binance, according to Yibo Ling, chief business officer of Binance, who did not disclose the specifics of the transaction.
The transaction takes place soon after Gopax, which had been taking money from select items since November 2022 before the FTX exchange's death, stopped doing so. According to Ling, Binance plans to increase the exchange's capacity for customer withdrawals and interest payments for Gopax's yield product GoFi.
The main goal of this arrangement, according to Ling, was to support clients and ensure that anyone who wanted to withdraw their funds could do so.
Binance is the biggest crypto exchange in the world and this step is seen as an attempt to strengthen its stance in the market. Binance already have a very strong hold in the Asian crypto market and South Korea is one such place where it does not want to lose the opportunity.
South Korea is a potential market that can further add up to the present popularity of Binance exchange. It will be a sight to see that if Binance would be able to capture the crypto market of South Korea.
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