The biggest cryptocurrency exchange globally, Binance, tried to buy another cryptocurrency exchange called Gopax to get back into the South Korean market.
However, this plan didn’t work out because they faced problems with regulations and legal issues. Instead, a different crypto exchange based in South Korea made a deal to with Gopax.
A big crypto trading platform called Gopax in South Korea has reportedly made a deal to buy a significant portion of the local crypto exchange. This other exchange has been facing some difficulties.
An official from the virtual asset industry said, “I know that a new acquirer has recently completed a purchase and sale contract with me. The exact information on the acquirer is being thoroughly concealed as confidential even within Gopax, but I know that it will be officially announced next week.”
Yet, a representative from Gopax has rejected the idea that they’ve signed any contract to acquire another cryptocurrency exchange. The official stated, “This information is false, and we cannot verify any details regarding the supposed acquisition.”
Gopax made an announcement that it had resolved some of the pending funds for its wealth management product called GoFi. This product had temporarily stopped allowing customers to withdraw their money due to issues with another company called Genesis, which had also halted customer withdrawals and redemptions.
Binance’s attempt to buy Gopax faced challenges due to regulatory pressure from South Korea’s Financial Services Commission (FSC) and the U.S. Securities and Exchange Commission (SEC).
Also Read: Binance Suspends Crypto Debit Cards in LATAM & Middle East
