According to local media reports and Binance, The leading cryptocurrency exchange Binance is set to acquire a 41% stake in Korean exchange GOPAX the acquisition price is currently unknown. The global exchange has reportedly completed due diligence for the acquisition and negotiations about the deal had to be delayed until the new year due to discussions about the value of the stake. The stake will be purchased from GOPAX CEO Lee Jun-haeng, who will continue to hold the position for stable management. This move follows Binance’s announcement of its direct entry into the Korean market through a subsidiary.
Binance has been active in investing in and acquiring troubled firms, committing $1 billion to distressed assets in November of last year. The exchange also recently purchased Sakura Exchange Bitcoin, a Japanese-registered cryptocurrency exchange service provider, and made a strategic investment in hardware wallet maker NGRAVE. In addition, Binance initiated a private funding investment for GoPlus, a security infrastructure company. These moves demonstrate Binance’s commitment to supporting original assets and boosting crypto self-custody, rather than fraudulent projects.