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Reportedly Binance Acquisition Agreement With Gopax Failed

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In a bid to re-enter the South Korean crypto market, the world’s largest cryptocurrency exchange, Binance, made a deal to acquire the crypto exchange Gopax.

Previously, in February, Binance acquired a majority share in Gopax, among the largest cryptocurrency exchanges in South Korea.

Binance intended to re-enter the crypto market in the country after a 2-year interval.

However, the South Korean-based crypto exchange failed Binance and signed with another crypto exchange.

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According to those familiar with the matter, the South Korean FSC (Financial Service Committee) claimed that it was challenging for them to approve the requests for acquisition due to the SEC’s accusation against Binance of securities law violations.

Fast Facts

  • The United States SEC (Securities and Exchange Commission) legal battle with Binance will likely delay the exchange’s business opportunities in South Korea.
  • Gopax crypto exchange signed an acquisition agreement with a crypto exchange based in South Korea. Moreover, the South Korean-based cryptocurrency exchange will gain a majority share in Gopax. As a result, the majority stakeholder of Gopax will likely be the new acquirer.
  • According to the reports from the local media outlet today, August 25, Gopax signed a purchase and sale agreement with a local cryptocurrency exchange.
  • A local news outlet report shows that the South Korean FSC is still accessing Binance’s procurement of its local cryptocurrency exchange, Gopax.
  • The South Korean FSC reportedly stalled the assessment of Gopax’s top executive’s change report, which was filed last March 7.
  • At present, the information regarding the party that acquired Gopax has yet to be revealed by the crypto exchange. However, Gopax intends to announce the matter by next week publicly.
  • Meanwhile, an official from Gopax denied that an acquisition agreement was signed with another local crypto exchange.
  • As of yesterday, August 24, Gopax disclosed that it had paid some of its debts to GoFi, its management product, which halted withdrawals following Genesis’s suspension of customer redemptions and withdrawals.

What’s Happening In Crypto Today?

At the time of this writing, Bitcoin is trading at $26,106.88, with a drop in market cap by 1.14% and a drop in trading volume by 24.81%.

On the side of Ethereum, its current price is at $1,654.84, with a drop in market cap by 0.84% and a drop in trading volume by 17.36%.

  • Meanwhile, Tether is trading at $0.9999, with an increase in market cap by 0.03% and a drop in trading volume by 15.43%.
  • BNB is, at the moment, trading at $216.44. with a drop in market cap by 1.19% and a drop in trading volume by 20.34%.
  • XRP itself is currently trading at $0.5145, with a drop in market cap by 1.75% and a drop in trading volume by 4.20%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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