gopax

Binance's Asia-Pacific head, SB Seker, stated that the exchange will strive to complete compensation for Gopax GoFi users within this year. In 2023, Binance acquired Gopax to help users overcome the liquidity crisis, paving the way for Binance's return to the South Korean market.Seker mentioned that after resolving GoFi's repayment issues, Binance will work to surpass its competitors in the South Korean cryptocurrency market.

According to market news, Binance's head of the Asia-Pacific region, SB Seker, stated that Binance will complete compensation for users of the GoFi service under South Korea's Gopax within this year to address the liquidity crisis that has persisted since 2023. The compensation will be made in the exact same amount of cryptocurrency as the users' losses. A dedicated wallet has been prepared, containing assets such as 775.11 BTC and 5766.62 ETH, and is awaiting final approval from the relevant South Korean authorities.After completing the compensation, Binance plans to shift its focus to enhancing Gopax's technology and security standards, and is considering incorporating it into the Binance brand system at an appropriate time. In the long term, Binance will focus on areas such as stablecoins, real asset tokenization, and institutional services in the South Korean market, planning to collaborate with local institutions to launch a Korean won-pegged stablecoin and security token products. Although South Korean regulators have proposed limiting the shareholding ratio of major shareholders in exchanges to 15% to 20%, while Binance currently holds over 67% of Gopax's shares, Seker stated that they have sufficient experience to respond to this. He mentioned that South Korea is the pinnacle of digital assets in the Asia-Pacific region and is expected to become one of the top three digital asset centers globally. Binance will compete vigorously for market leadership in the next three to five years.

ChainCatcher news, according to The Block citing local South Korean media MK, Binance has completed its acquisition of the South Korean cryptocurrency exchange Gopax.On Wednesday, after more than two years of delays, the Korea Financial Intelligence Unit approved the change of key management personnel at Gopax. In 2023, after Binance acquired a 67% majority stake in Gopax, Gopax submitted this change application. Previously, South Korean regulators had not granted full approval for Binance's acquisition of Gopax, citing potential anti-money laundering risks. Local media reported that this approval seems to have been driven by Binance resolving compliance issues in the United States. This approval indicates that Binance will re-enter the South Korean market after shutting down its local operations in 2021.

ChainCatcher news reports that, according to market sources, after more than two years of delays, South Korean authorities have resumed their review of Binance's acquisition of the local cryptocurrency exchange Gopax. This indicates that Binance may soon return to the South Korean market after shutting down its local operations in 2021.The Financial Intelligence Unit (FIU) of South Korea is currently evaluating the formal report submitted by Gopax regarding the replacement of core executives and is taking a positive review stance. Approval for the changes between Binance and Gopax is expected as early as the end of 2025. Under the current legal framework in South Korea, there is no separate qualification review for major shareholders of cryptocurrency exchanges. Therefore, this executive change report is essentially viewed as a review of the qualifications of Binance's major shareholders.In March 2023, after Binance acquired a 67% stake in Gopax, becoming its largest shareholder, Binance and Gopax submitted their first executive change report. Subsequently, local regulators suspended the approval process citing potential anti-money laundering risks.

ChainCatcher news, UXLINK official announced that the Korean trading platform GOPAX will soon launch UXLINK. The deposit opening time is: September 17 (today) 17:00 KST, and the trading opening time is: September 18 (tomorrow) 15:00 KST.As a locally influential compliant trading platform in Korea, GOPAX's support for the launch of UXLINK marks another significant progress for UXLINK in its global market layout. So far, UXLINK has been listed on the top 4 trading platforms in Korea, covering 99% of the Korean-speaking cryptocurrency trading population.(Source link)

ChainCatcher news, cryptocurrency exchange Deepcoin announced that it has successfully integrated with South Korea's fifth-largest fiat exchange, GOPAX, and achieved compliant transfer support for crypto assets through CODE (Travel Rule Alliance). Starting from June 23, 2025, users will be able to seamlessly deposit, withdraw, and trade between Deepcoin and GOPAX, fully complying with the regulatory requirements of South Korea's Travel Rule, providing more flexibility for traders in Korea.This integration also means that Deepcoin has become the seventh overseas exchange globally to connect with GOPAX, following Binance, OKX, Bybit, Bitget, Bitmex, and Gate.io, fully demonstrating Deepcoin's leading layout and firm commitment to compliance strategies in the global market.This successful integration also marks a new phase in Deepcoin's global compliance and brand strategy layout. Previously, Deepcoin had been approved for compliance entry into Korea's CODE and has successively integrated with Korean CODE alliance members such as Coinone and FOBL.

ChainCatcher news, according to South Korean media Bloter, due to the rise in Bitcoin prices, Streami, the parent company of the South Korean cryptocurrency exchange Gopax, has encountered obstacles in the process of selling to Megazone.Megazone revealed that it is still negotiating the acquisition of the cryptocurrency exchange GoPax (Streami). "Our official position is that there is currently no conclusion regarding the cancellation of the acquisition of GoPax."It is reported that Binance has been in talks with MegaZone to sell 57.46% of GoPax shares (excluding its 10% stake) for re-registration, but has been hindered by the unclear scale of GoPax's debts. The debts are collateralized by Bitcoin prices, and the continuous rise in Bitcoin prices has increased the scale of the debts.

ChainCatcher news, according to IT Chosun, Binance is in last-minute negotiations with Megazone's parent company, Megazone, to sell its stake in the South Korean cryptocurrency exchange Gopax operator Streami, reducing its stake in Streami from 72.6% to 10%. Sources familiar with the matter indicate that Binance is seeking to sell its stake to improve the governance structure required by financial authorities before renewing the real-name account contract with Jeonbuk Bank in August. This transaction is expected to be completed by the end of this month.Binance acquired a 72.26% stake in Gopax in February last year. Later, in March of the same year, Binance reported a change in its largest shareholder, but South Korean financial authorities have not decided whether to accept Binance's statement in the past year and three months.An official from Megazone explained, "We are discussing various forms of cooperation, including the acquisition of shares, provided that government approval is obtained, but there is no specific decision on future processes or timelines."

ChainCatcher news, according to South Korean media hankyung, Gopax's largest shareholder Binance sold Gopax's Genesis asset claims for less than half of their face value.Initially, Binance promised to compensate investors for 100% of their losses (approximately $70 billion at the time) when it closed the cryptocurrency deposit service Gopay last year. However, Binance did not use its own funds to compensate the victims but instead paid the compensation by selling the victims' asset claims at a discount. Binance sold Gopax's Genesis asset claims for less than half of the price, which, based on the market price at the time, was valued at approximately 70 billion Korean won.Subsequently, virtual asset prices soared, and it is estimated that Gopax suffered losses of at least several hundred billion Korean won as a result.

ChainCatcher news reports that Binance CEO Richard Teng recently made a secret visit to South Korea. It is reported that Teng is directly communicating with South Korean financial authorities to resolve the stagnation issue regarding entry into South Korea. Binance acquired Gopax at the end of 2022 to enter the South Korean market. However, the company has faced difficulties in entering the South Korean market due to the financial authorities not approving the changes to Gopax's virtual asset business registration for over a year.The South Korean Financial Intelligence Unit (FIU) has also requested that Gopax's partner bank, Jeonbuk Bank, submit a plan for improving Gopax's governance and execution by the end of March. In response, Gopax sent a request to its "GoFI" users last month to convert bonds into shares. The aim is to reduce Binance's stake in the company by increasing the shareholding of high-frequency users.Richard Teng is expected to discuss these governance improvement measures with the authorities during his visit.

ChainCatcher news, citing Binance's Asia-Pacific director Steve Young Kim, states that Binance is currently in the early discussion stage of selling a partial stake in the South Korean exchange Gopax. During the Binance monthly roundtable meeting, Binance's Asia-Pacific director Steve Young Kim mentioned regarding the VASP issue of GoFX: "We hope to provide more specific information about the sale of this stake in some form within the next month or two."In March of this year, Gopax submitted a notice of business change for virtual assets to the financial regulatory authority, applying to change its registered directors. However, the regulatory authority delayed the approval of this notice, citing judicial risks associated with Binance. In response, Binance plans to reduce its stake in Gopax by selling part of its holdings after converting a loan to be paid to Gopay for resolving VASP renewal issues into part of Gopax's debts.According to the regulations of financial intelligence agencies, the validity period for crypto asset operators is three years from the date of receipt of the initial declaration, and renewal applications must be completed 45 days before the validity period expires. Gopax's initial declaration was received on December 9, 2021.

ChainCatcher news, according to News1, South Korean financial authorities have notified existing virtual asset operators to report any changes in their location or registered foreign executives.It is reported that previously, reporting to the authorities was only required when there were changes in the address or executives of the virtual asset operators. Industry insiders believe that this change by the authorities is related to Binance's acquisition of Gopax.

According to ChainCatcher, MTN reports that sources say South Korean cryptocurrency exchange Gopax has signed a share purchase agreement with a new acquirer. This comes after Gopax sought new buyers following the setback of its acquisition plan with Binance, and it is expected that Gopax will release an official announcement as early as next week. The true identity of the acquirer remains confidential, and specific information has not yet been disclosed.

ChainCatcher news, according to a statement released by the Financial Services Commission (FSC) of South Korea, the financial intelligence unit of South Korea held a meeting with virtual asset service providers (VASP) to strengthen regulatory compliance. The top five cryptocurrency exchanges in South Korea (including Upbit, Bithumb, Coinone, Korbit, and Gopax) have established compliance systems to monitor illegal activities.The meeting revealed that Upbit has created an anomaly trading detection system using artificial intelligence (AI). Bithumb has developed a feature that automatically terminates the trading application when a remote control application is installed and money laundering transactions are detected. Coinone has strengthened the management and monitoring of "risk wallet addresses" related to financial incidents. Korbit has introduced a real-time management system and a secondary review system for each stage of suspicious transaction reports (STR). Gopax has set up a hotline that can respond immediately when it receives account freeze requests related to crimes such as voice phishing.Through a collective commitment, the participants pledged to strengthen joint dialogue around enhancing compliance capabilities. They plan to hold meetings every 2-3 months in the future to maintain this commitment.

ChainCatcher news, according to South Korean media ETtoday, Binance has changed the law firm for its acquisition of Gopax exchange and submitted a business change declaration amendment to the Financial Intelligence Unit (FIU), but has not received any notification so far. Binance previously worked with Kim & Chang law firm during the acquisition of Gopax exchange, but has now appointed Sejong Law Firm. (source link)

ChainCatcher news, according to Digital Asset, South Korean cryptocurrency exchange Gopax appointed Vice President Lee Jong-hoon (phonetic) as the new CEO at a temporary shareholders' meeting. Binance's General Manager for the Asia-Pacific region, Leon Poong, was removed from the position of Gopax CEO by the Gopax board on June 8.It is reported that Lee Jong-hoon joined Gopax in 2021 and led Binance's acquisition of Gopax. Gopax's decision to replace its CEO with a South Korean is aimed at facilitating the reporting of the company's progress. In February of this year, Bloomberg reported that Binance had acquired a majority stake in the South Korean exchange Gopax, with the funding for this acquisition coming from Binance's previously launched $1 billion "Industry Recovery Fund," although the specific terms of the acquisition were not disclosed.ChainCatcher previously reported that Binance is considering appointing Vice President Lee Jong-hoon (phonetic) to the position of Chief Representative of GoPax to complete the acquisition of GoPax. (Source link)

ChainCatcher news, according to South Korean media Decenter, Binance is considering appointing Vice President Lee Jong-hoon (phonetic) as the chief representative of GoPax to complete the acquisition of GoPax. A source close to GoPax stated, "This is true, we are discussing related matters, but there is no final decision yet. We are discussing various possible scenarios."A spokesperson for Binance stated that the acquisition of GoPax remains unchanged and will continue regardless of the SEC's case. (Source link)

ChainCatcher news, according to Newspim, South Korean financial regulators have suspended the review of the executive change report submitted by Gopax on March 7, which contains information about the appointment of three Binance members as internal directors of Gopax. The industry expects that, due to the U.S. Securities and Exchange Commission's allegations against Binance for violating the Securities Act and its application to freeze assets, South Korean authorities are unlikely to process this change report.In response, relevant personnel from South Korea's financial regulatory agency stated, "The acceptance of the change report is currently under internal review, so we must speak cautiously. However, it is necessary to observe the SEC's movements. Although the Special Financial Transactions Act does not include conflicts of interest for major shareholders, I understand that the Political Affairs Committee has proposed to amend the law to review large company shareholders like the Corporate Governance Act." Therefore, it is expected that the financial authorities' acceptance of the Gopax operator change report will be delayed. If Binance's acquisition of Gopax fails, the withdrawal of GoFi deposit assets may be interrupted. (source link)

According to ChainCatcher news, Binance has reported its acquisition of Gopax to the South Korean financial regulatory authorities. Gopax completed the submission of a change report for virtual asset operators to the Financial Intelligence Unit yesterday afternoon. According to the Specific Financial Information Act, a change report must be submitted when there is a change in the representative or executive officer registration. Earlier this month, Gopax replaced its CEO, founder Lee Jun-haeng, with Binance's Asia Pacific CEO Leon Sing Foong. Additionally, Binance has appointed new internal directors.The report states that even if the FIU accepts the report, it must consider whether Jeonbuk Bank will continue to provide real-name accounts to Gopax. If Jeonbuk Bank feels burdened by the change in shareholders and cancels the cooperation, Gopax's qualification as a virtual asset operator may be revoked. (Newsis)