It’s just been revealed that Binance is back in South Korea. Check out the latest reports below.
Binance is back on track in Korea
According to the latest reports, it seems that the most important crypto exchange giant Binance is once again making moves in South Korea. The exchange is reportedly acquiring a major stake in the local exchange GOPAX.
According to Korean crypto news website Decenter, the largest centralized exchange in the world is finalizing an acquisition that was supposedly meant to close around Christmas in 2022.
According to the latest reports coming from Blockworks, Binance will be buying a 41.2% stake from GOPAX CEO Lee Jun-Haeng, who will remain at the exchange once the sale is finalized.
“GOPAX is already one of the five largest crypto exchanges in South Korea. A majority of the domestic market dominated by Upbit, followed by other popular exchanges Bithumb, Coinone and Korbit,” the online publication notes.
The same online publication also notes that if confirmed, the investment marks an evolution of Changpeng “CZ” Zhao’s strategy for the country.
It’s also important to note the fact that the centralized exchange previously terminated its operations in South Korea, citing low usage and limited trading volumes on its stablecoin BKRW, linked to the Korean won.
“Following the closure of the exchange, the Binance KR team will reassess its market strategy based on the resources and experience gained from operating a local exchange,” the company wrote in a blog post dated Dec. 24, 2020.
Back in December, we revealed that the crypto exchange Binance has in store some pretty important moves these days.
Here’s what the crypto exchange plans to do in the near future.
Voyager revealed the fact that Binance.US, a subsidiary of the world’s largest crypto exchange Binance, is the highest bidder for its assets at $1.022 billion.
As the online publication mentioned above notes, the bid price includes the $1.002 billion estimated current value of Voyager’s cryptocurrency portfolio.