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BTC $70,552.25 -0.84%
ETH $2,159.31 -1.86%
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SOL $81.67 -4.53%
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ADA $0.2735 -4.22%
BCH $459.17 +0.95%
LINK $8.64 -2.97%
HYPE $28.98 -1.81%
AAVE $122.61 -3.42%
SUI $0.9662 -1.79%
XLM $0.1605 -4.62%
ZEC $260.31 -8.86%

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Binance plans to fully repay GoFi's debts and strives for a leading position in the South Korean 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.
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