Binance plans to reduce its stake in the Gopax exchange from 72.6% to about 10%. This decision was made against the background of the demands of the South Korean authorities to the Binance and Gopax exchanges to improve the structure of exchange management.
The Financial Services Commission (FSC) of South Korea demanded that Gopax reorganize its management structure in order to maintain the status of a settlement operator in Korean won and extend the contract with the settlement bank Jeonbuk Bank. It is expected that the deal can be completed by the end of July.
Recall that Binance acquired a controlling stake in Gopax in February 2023 as part of efforts to re-enter the South Korean market after ceasing operations in 2021. However, South Korean regulators have not yet approved the deal and have not agreed on changes in the composition of shareholders.