Binance, one of the leading crypto exchanges, is making waves with its plan to sell its majority stake in the South Korean crypto exchange GOPAX. The exchange is in talks with MegaZone, the parent company of MegaZone Cloud, to sell its 72.6% stake in GOPAX, reducing its ownership to around 10%. This strategic move is aimed at restructuring its governance to meet regulatory requirements set by the Financial Services Commission.
The decision to sell its GOPAX shares comes after facing delays in approval from financial authorities for its acquisition of the stake last year. The exchange is under pressure to change its largest shareholder and improve governance to comply with regulatory demands. The sale to MegaZone is seen as a key step in addressing these challenges and securing regulatory approval.
The sale of GOPAX shares is crucial for Binance and GOPAX to maintain their status as a won exchange. With the real-name account renewal contract with Jeonbuk Bank due in August, restructuring governance and securing regulatory approval are top priorities. The current state of GOPAX’s complete capital erosion adds urgency to the situation.
As discussions with MegaZone continue, the specifics of the process and timing remain undecided. This sale represents a significant move for Binance as it navigates regulatory landscapes and solidifies its position in the South Korean market. Stay tuned for more updates on this developing story.
