Binance Acquires Majority Stake in South Korean Crypto Exchange GOPAX

Binance has acquired a majority stake in South Korean crypto exchange GOPAX.

The purchase is reportedly funded by Binance's "Industry Recovery Initiative" program, to which Binance has pledged $1 billion.

Binance Chief Business Officer Yibo Ling said, "Binance already has an equity stake in GOPAX and the fundamental thrust of this transaction is to support customers and ensure that any customer who wants to withdraw assets can do so without difficulty."

Previously, GOPAX suspended client withdrawals in November 2022. Its parent company Streami is one of Genesis Global's top 10 known creditors.