The world's largest crypto exchange Binance reports that the company's management faced insurmountable problems in agreeing on a new composition of shareholders of the GOPAX trading platform with the Financial Services Commission (FSC) of South Korea.
Financial regulators' tough stance on Binance's governance structure and capital adequacy has become a bottleneck in the legalization of shareholder changes in South Korea's GOPAX.. Finally, finding itself at a dead end, Binance decided to sell its stake in GOPAX.
“We are in the preliminary stages of discussing options for the sale of our stake in GOPAX and will share more detailed information once they are completed,” promises Binance Asia Pacific Director Steve Young Kim..
Binance is expected to announce the sale of its stake in the GOPAX exchange in the next couple of months.
Exactly one year ago, Binance announced its return to the South Korean cryptocurrency market through the acquisition of a controlling stake in GOPAX. As the majority shareholder, Binance owns 72.26% of the shares of the South Korean trading platform.