The world’s largest crypto exchange Binance is all set to acquire South Korea’s fifth-largest exchange Gopax. This gives Binance an opportunity to re-enter the South Korean crypto market. However, FTX and Genesis contagion has affected the Binance-Gopax deal.
Gopax needs to repay about $47 million to customers of its wealth management product GoFi and failing to reach the deal will make investors suffer massive losses.
Binance and Gopax Deal Suffers Obstacle
On Monday, Binance completed due diligence on the acquisition of Gopax as it plans to enter South Korea. Moreover, the acquisition deal has reached the final stage as Binance looks to buy a majority stake from CEO Lee Jun-haeng, who has a 41.2% stake in Gopax.
Binance is discussing the acquisition of Gopax on the premise of GoFi repayment support. An employee of Binance said that the acquisition of Gopax has not been decided, reported local media Chosun on January 6. In fact, industry experts believe the deal may not happen unt
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