Binance, the world's largest cryptocurrency exchange by transaction volume, has reached the final stage of negotiations with South Korean cloud services provider Megazone to sell the majority of its shares in Gopax, one of South Korea's leading crypto exchanges.
Binance Begins Final Talks with South Korean Megazone to Sell Gopax Shares
According to a local media report, Binance's stake in Gopax will drop to approximately 10% if the deal is completed.
Binance first acquired Gopax in February 2023, acquiring a 72.26% stake to address liquidity issues arising from the FTX-affiliated Genesis Global Capital crisis.
Currently, Binance holds a 67.45% stake, making it the largest shareholder of Gopax.
Following the acquisition, Gopax filed a major shareholder change report with the South Korean Financial Services Commission (FSC) for virtual asset service provider registration.
However, the FSC delayed approving the transfer of ownership due to legal concerns regarding Binance in the US.
The FSC requested Binance to reduce its stake to below 10% in order for approval to proceed. Binance had signaled its intention to reduce its stake in Gopax as early as January 2024.
*This is not investment advice.