1. PixelPlaygroundHome
  2. Blockchain Briefs

Binance’s Acquisition of Gopax: Entering the Korean Market

• Blockchain Briefs • 107 views

On March 7, it was reported that Binance had completed the final stage before the acquisition of Gopax, which was to declare to the Korean financial regulator….

Binances Acquisition of Gopax: Entering the Korean Market

On March 7, it was reported that Binance had completed the final stage before the acquisition of Gopax, which was to declare to the Korean financial regulator. Gopax submits the change report of the virtual asset operator to the Financial Intelligence Unit (FIU) of the Korea Financial Services Commission. The report pointed out that if FIU accepted the change report, it would be the first time that the global currency market trading platform entered the Korean market through the Korean won trading platform. According to the specific financial information law, when the company’s representative or director changes the registration, a change report must be submitted.

Binance has reported the acquisition of Gopax to the Korean financial regulator

Interpretation of the news:


The message reports that Binance, a global currency market trading platform, has completed the final stage before acquiring Gopax, a virtual asset operator in Korea. The last phase requires declaring the acquisition to the Korea Financial Services Commission’s Financial Intelligence Unit (FIU) by submitting a change report. This latest development could see Binance being the first global currency market trading platform to penetrate the Korean market through the Korean won trading platform.

The move by Binance to acquire Gopax confirms their continued push towards expanding their global reach. By entering the Korean market, they seek to tap into a vibrant and rapidly-growing digital currency market. Also, this acquisition marks Binance’s latest expansion moves, having recently expanded its operation to several countries, including South Africa, Argentina, and Europe.

The Korean Financial Services Commission is known for its conservatism regarding the regulation of the financial industry. Therefore, the declaration of Binance’s acquisition of Gopax by the Korean FIU establishes their legitimacy to operate within the Korean market. It is also an indication that the Korean market recognizes the global currency market and its relevance.

Furthermore, the report points out that a specific financial information law requires companies to submit a change report to the commission when the director or the representative changes the registration. Therefore, this development indicates that Binance has complied with the Korean laws and regulations regarding acquiring Gopax.

In conclusion, Binance’s acquisition of Gopax is a strategic move that provides them with an entry point into the Korean virtual currency market. The move will likely increase the popularity of Gopax in Korea, as they become part of the Binance ecosystem. The acquisition also demonstrates the continued growth and expansion of the digital currency market, which could lead to further collaborations with major players in the industry.

Keywords such as Binance, Gopax, Korea, virtual asset operator, and financial regulator capture the key aspects of the message. The development marks a significant milestone in Binance’s growth and highlights the importance of regulatory compliance when entering a new market.

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/5525/

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 03/07/2023 01:05
Next 03/07/2023 01:12

Recommended articles