1. PixelPlaygroundHome
  2. Web3 News

Understanding The South Korean Financial Regulatory Authorities’ Request For Gopax’s Risk Assessment

• Web3 News • 102 views

On April 24th, it was reported that the South Korean financial regulatory authorities have requested the South Korean exchange Gopax to conduct a risk assessment again after 9 mont

Understanding The South Korean Financial Regulatory Authorities Request For Gopaxs Risk Assessment

On April 24th, it was reported that the South Korean financial regulatory authorities have requested the South Korean exchange Gopax to conduct a risk assessment again after 9 months. At present, the financial authorities are reviewing the Virtual Asset Operator (VASP) change report submitted by Coin An during its acquisition of Gopax, and the review results are expected to be postponed until mid May. Meanwhile, the delay in reviewing the change report will further delay the repayment of funds to users who bind funds in GoFi (Gopax’s cryptocurrency deposit service). Because only after the change is completed can Coin An fully pay the cost of acquiring Gopax and return the customer funds bound to GoFi of 56.6 billion won (approximately $42.39 million). （Edaily）

South Korean financial department requires Gopax to conduct another risk assessment

When South Korean financial regulatory authorities requested Gopax to conduct a risk assessment again after nine months on April 24th, many have raised concerns about the delay in the repayment of funds to users who bind funds in GoFi. In this article, we’ll dive deeper into the Virtual Asset Operator (VASP) change report submitted by Coin An during its acquisition of Gopax and the possible impact of the delay in reviewing the change report.

What is Gopax?

Before diving into how the recent events might impact Gopax users, let’s first understand what Gopax is. Gopax is a South Korean cryptocurrency exchange founded in 2017. It is one of the few exchanges in South Korea that has obtained a Virtual Asset Service Provider License (VASP) from the South Korean government, which is required for cryptocurrency exchanges to operate legally in South Korea.

Coin An’s Acquisition of Gopax

Coin An is a South Korean blockchain company that focuses on developing decentralized finance (DeFi) solutions. The company acquired Gopax in November 2020, with a reported acquisition cost of 70 billion won (approximately $62.5 million). The acquisition was seen as a strategic move by Coin An to expand its DeFi offerings.

Regulatory Authorities’ Request for Gopax’s Risk Assessment

In April 2021, South Korean financial regulatory authorities requested Gopax to conduct a risk assessment again after nine months. This decision was made as part of the government’s ongoing efforts to regulate the cryptocurrency industry in South Korea. The goal is to ensure that South Korean cryptocurrency exchanges are compliant with the government’s regulations to prevent money laundering and other illegal activities.

Delay in Reviewing the Change Report and Repayment of Funds

The delay in reviewing the change report submitted by Coin An during its acquisition of Gopax is causing worry among users who have bind funds in GoFi. Once the change is completed, Coin An can fully pay the cost of acquiring Gopax and return the customer funds bound to GoFi of 56.6 billion won (approximately $42.39 million). However, the review results are not expected until mid-May, which could cause further delays in the repayment of funds.

Conclusion

The recent request by South Korean financial regulatory authorities for Gopax to conduct a risk assessment again after nine months has caused concern among its users. The delay in reviewing the change report submitted by Coin An during its acquisition of Gopax could potentially lead to further delays in the repayment of funds. However, it’s essential to note that the government’s efforts to regulate the cryptocurrency industry in South Korea are crucial for its long-term sustainability.

FAQs

Q: What is Gopax?
A: Gopax is a South Korean cryptocurrency exchange founded in 2017.
Q: Who acquired Gopax?
A: Coin An, a South Korean blockchain company, acquired Gopax in November 2020.
Q: Why did South Korean financial regulatory authorities request Gopax to conduct a risk assessment again after nine months?
A: The request was made to ensure that South Korean cryptocurrency exchanges are compliant with the government’s regulations to prevent money laundering and other illegal activities.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/17958/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 04/24/2023 05:52
Next 04/24/2023 06:28

Recommended articles