Binance has acquired a majority stake in Korean exchange Gopax

According to Bloomberg News, Binance has acquired a majority stake in South Korean exchange Gopax. The funds for this acquisition come from Binance’s previously launched $1 billion “industry recovery plan.” The specific terms of the acquisition were not disclosed. Gopax suspended customer withdrawals in November 2022, and its parent company, Streami Inc., is one of the top 10 creditors known to Genesis Global, which is also a partner in yield products offered by Gopax. Binance plans to inject funds into Gopax to enable GoFi, Gopax’s yield product, to allow customer withdrawals and interest payments. Changpeng Zhao stated that he hopes to further rebuild the cryptocurrency and blockchain industry in South Korea together with Gopax. Foresight News previously reported that Binance completed due diligence for the acquisition of South Korean exchange Gopax in early January and is in the final steps of the confirmation process. At that time, Binance planned to buy shares (41.2%) from Gopax’s largest shareholder CEO Li Junxing.