Binance has acquired 41.2 per cent of South Korea-based cryptocurrency exchange GOPAX in an effort to come back to the South Korean market.
The popular crypto exchange stated that the acquisition was partly sponsored by its Industry Recovery Initiative (IRI). In November 2022, the South Korean company reported challenges following its connection with Genesis Global. Authorities gave an ultimatum to Binance to reduce payment options and trading pairs.
As part of its world expansion initiative, Binance chose to return to South Korea by buying over 4)% of the GOPAX shares. The Industry Recovery Initiative allowed Binance to invest in GOPAX, the company announcing that it will partner with GOPAX and the regulators of South Korea to increase customer protection rules in South Korea and upgrade the education of users via its Binance Academy.
In November, GOPAX had to put a stop to principal and interest payments withdrawal in GOFI, its platform. This was one of the effects resulting from the company’s ties with Genesis Global.
According to CZ, the CEO of Binance, the Industry Recovery Initiative is meant to help companies that are full of promise and suffered as a result of the events from 2022.
