Binance, the world’s largest cryptocurrency exchange in terms of transaction volume, will sell its shares in Gopax.
According to information provided by local news source News1, Binance acquired majority shares in the cryptocurrency exchange Gopax. in the coming months is preparing to reduce it.
Steve Young Kim, who manages Binance’s Asia-Pacific unit, said that they plan to announce details about the sale within the next two months.
Binance acquired Gopax last February to re-enter the South Korean market.
Binance is selling Gopax due to issues arising from the country’s reporting requirements on virtual asset service providers (VASPs). Steve Young Kim, regulations in the country to the lack he emphasized.
Gopax suffered a financial blow after the bankruptcy of Genesis and stopped withdrawals on the decentralized finance (DeFi) platform in November 2022.