Binance completes sale of majority stake in Gopax – report
Binance cryptocurrency exchange is reportedly in the final stages of negotiations with South Korean cloud service provider Megazone to sell a majority stake in Gopax.
Binance is preparing to reduce its 72.6% stake in the Gopax exchange to 10%, South Korean news agency The Chosun Ilbo reported on July 11.
Citing an anonymous industry insider related to Gopax, the report suggests that Binance is pushing the sale of Gopax shares to improve its governance structure as requested by local financial authorities.
The sale comes just weeks before Gopax expects to renew its real name account deal with Genbook Bank in August. Jeonbuk Bank and Gopax signed a two-year real name account agreement in August 2022. The contract is said to expire on August 11, 2024.
In the year In February 2023, Binance acquired a 72.26% stake and was keen to return to the South Korean market in 2021 after completing several operations in the Asian country. The capital injection was eventually suspended as South Korean financial authorities chose to deny the major changes. shareholder.
Cointelegraph reached out to Binance for comment on the sale of Gopax shares, but did not receive a response at the time of publication.
This is a developing story, and more information will be added as it becomes available.
