Binance, the world’s largest crypto exchange, is reportedly in talks with South Korean cloud service provider Megazone to sell its ownership stake in Gopax.
This move is part of Binance’s strategy to improve its governance structure in response to local financial authorities’ regulatory requirements. The exchange, acquired in early 2023, had a 72.6% ownership stake at the time of acquisition.
Binance plans to reduce this stake to around 10%. The sale comes as Gopax renews its real-name account contract with Jeonbuk Bank in August. This strategic shift reflects Binance’s efforts to navigate regulatory views and adjustments in its market presence in South Korea.
The FTX exchange collapse in November 2022 had a significant impact on Gopax, which had to suspend withdrawals from its decentralized finance services, including Genesis Global Capital, a crypto lending firm that filed for bankruptcy.
