Binance to reduce stake in Korean crypto exchange Gopax, report says
Binance reportedly plans to reduce its stake in Korean crypto exchange Gopax within the next two months to address regulatory reporting issues. Crypto exchange Binance, the major shareholder of Korean crypto trading platform Gopax, is set to reduce its stake in the exchange within the next one to two months to address issues with reporting changes to virtual asset business operators (VASPs), Korean news outlet News1 Korea has learned. The move is expected to solve regulatory issues after Korean authorities delayed approval of Gopax’s VASP change report submitted in March 2023. Binance’s intention to sell a portion of its stake is seemingly aimed at resolving regulatory concerns. Despite the reduction, Binance could still retain an estimated 80% stake , according to local industry executives. As of the latest update, Binance has not released an official statement on the matter. You might also like: Binance.US hit with regulatory setbacks in Florida and Alaska Binance acq