{"id":22145,"date":"2024-07-11T13:20:13","date_gmt":"2024-07-11T17:20:13","guid":{"rendered":"http:\/\/leadingcryptonews.com\/binance-reportedly-in-talks-to-sell-majority-stake-in-south-korean-exchange-gopax\/"},"modified":"2024-07-11T13:20:13","modified_gmt":"2024-07-11T17:20:13","slug":"binance-reportedly-in-talks-to-sell-majority-stake-in-south-korean-exchange-gopax","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/binance-reportedly-in-talks-to-sell-majority-stake-in-south-korean-exchange-gopax\/","title":{"rendered":"Binance reportedly in talks to sell majority stake in South Korean exchange Gopax"},"content":{"rendered":"
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Binance is reportedly in final-stage talks to sell a majority stake in South Korean crypto exchange Gopax to local cloud service provider Megazone, according to a July 11 report from The Chosun Ilbo.<\/p>\n
The global crypto exchange is looking to reduce its 72.6% ownership in Gopax to around 10% in response to requests from South Korean financial authorities to improve the exchange\u2019s governance structure. The stake sale comes as Gopax faces an August 11 deadline to renew its real-name account contract with Jeonbuk Bank, which was initially signed in August 2022 for a two-year term.<\/p>\n
Binance acquired its controlling stake in Gopax in February 2023 as part of efforts to re-enter the South Korean market after ceasing multiple operations there in 2021. However, South Korean regulators have so far denied approval for the change in majority ownership, effectively blocking Binance\u2019s capital injection into Gopax.<\/p>\n
An unnamed industry insider told The Chosun Ilbo that Binance is pursuing the stake sale to meet regulatory requirements for governance improvements ahead of Gopax\u2019s real-name account renewal. The source indicated a deal could be finalized this month.<\/p>\n