#gopax

In a notable shift in the crypto landscape, Binance has decided to reduce its stake in the South Korean crypto exchange GOPAX. This article provides an in-depth exploration of this move, unraveling the potential motivations behind Binance's decision and its implications for GOPAX as it treads the path of greater independence.

The analysis meticulously examines the initial partnership between Binance and GOPAX, offering insights into the factors that may have influenced Binance to trim its stake. Regulatory considerations, market dynamics, and the broader strategic vision of Binance are among the aspects explored to provide readers with a holistic understanding of the situation.

The article draws parallels with previous instances in the crypto industry where major players adjusted their stakes in exchanges, offering a historical context to the current development. By doing so, readers are equipped with the knowledge to anticipate the potential consequences and the impact of Binance's reduced stake on the competitive landscape of South Korean crypto exchanges.

Binance’s push into South Korea got called out by regulators in the country. Binance Pay pushed into France while BNB attempted to fight off sell pressure. According to South Korean news outlet Chosun, Binance [BNB] acquired a 50% stake in Gopax, a native crypto exchange, on 23 February. This is part of Binance’s strategy to […]

Binance acquires S. Korea-based GOPAX exchange

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Leading crypto exchange Binance has acquired a majority stake in South Korea-based GOPAX exchange, Bloomberg reports.

Binance has been working to re-enter the South Korean market since it shuttered operations in 2021. As a result, it reportedly completed the due diligence needed to acquire GOPAX on Jan. 2.

Binance has acquired a majority stake in the GOPAX exchange, according to Bloomberg. The deal saw Binance purchase about 41.2% of the company’s stake from its largest shareholder, Lee Jun-hung.

Funding for the purchase was made from the $1 billion Industry Recover Initiative — a co-investment project led by Binance, Bloomberg reported.

Binance chief business officer Yibo Ling said that the acquisition would see Binance inject capital into the exchange so that customer withdrawals and interest payments can be resumed for GOPAX yield product users.

“The fundamental thrust of this deal was to support customers and make sure that any customer who wants to withdraw their assets has the ability to do so,” Ling said.

Binance CEO Changpeng Zhao said the acquisition of GOPAX will help the exchange rebuild the Korean crypto and blockchain industry.

Journalist at CryptoSlate

Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.

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Binance Reportedly Shut to Deal for Korea’s Gopax

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Source: ArLawKa/Adobe

Binance is allegedly near to sealing a offer to buy a majority stake in the South Korean crypto exchange Gopax – for each a number of domestic media stories. Outlets are saying that the deal has been agreed in theory. But they note that a couple last remaining legal and procedural hurdles continue to require to be cleared ahead of the offer can be manufactured official.

Ought to Binance finish the move – which seems to have been in the pipelines for many months – the world’s largest crypto trade will have a immediate line into the high-quantity South Korean market place. Gopax is a single of only 5 domestic exchanges to have been granted a fiat KRW buying and selling license. The exchange also has a banking offer with Joenbuk Bank, which presents particular person accounts for all Gopax consumers.

One-thirty day period investing volumes on the crypto trade Gopax. (Source: CoinGecko)

Gopax has denied statements that the offer has been done and said it was “unable to confirm” the veracity or otherwise of the stories, per Revenue S.

But Decenter claimed that Binance had previously “completed” its thanks diligence for what it referred to as the “acquisition of Gopax.” The media outlet wrote that Binance was “taking the closing steps” needed before “confirming the method.”

The media outlet said that an unnamed man or woman near to the offer had verified that Binance experienced “planned to announce the acquisition close to Christmas previous 12 months,” but extra that a several remaining obstructions however remained.

Newsis described that these could pertain to consultations with insignificant shareholders and “procedural inspections” pertaining to international investors wishing to do business enterprise in South Korea.

Decenter additional that it “cannot rule out the probability that the [South Korean] economic authorities, whose stance on investor defense has come to be more powerful in current moments, will impose immediate or indirect sanctions on this takeover.”

Is Binance Hoping to Crack into the South Korean Crypto Market place?

Decenter also documented that Binance strategies to buy a controlling 41.2% stake from Gopax’s CEO and biggest one shareholder Lee Jun-haeng. But, the media outlet claimed, Binance intends to retain Gopax’s administration group – at the very least for the time being.

Gopax has a extremely smaller share of the South Korean market place (around 01%), a industry that is now dominated by Upbit. The latter has a enormous 80% of the sector, per Decenter’s calculations.  

A person-thirty day period investing volumes on the crypto exchange Upbit. (Source: CoinGecko)

But, the media shops predicted, Binance’s entry into the current market would possible shake up the sector. This would specifically be the case if Binance and Gopax were to commence sharing buy books, they observed.

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マネロン防止のため報奨金制度を実施

6月19日、韓国仮想通貨取引所であるGopaxは、資金洗浄（マネーロンダリング）などの犯罪活動を根絶することを目的とし、告発者に対して最大1億ウォンの報奨金を支給する、報奨金制度を実施することを発表した。

報奨金支払いの審査基準としては、検挙のタイミング、内容の重要性及び充実性、関連する人物や組織の情報などが取り上げられている。 (more…)

PARABOLIC ADVANCE HALTS FOR NOW – SO WHAT’S NEXT FOR BITCOIN PRICE?/ bitseven,bitcoin exchange,FX Margin bitflyer,CoinMarketCap,poloniex,bitfinex

Bitcoin went absolutely parabolic over the weekend! After topping out at $7,500, traders are now wondering what is next. BITCOIN PRICE: MARKET OVERVIEW Last week brought an onslaught of bearish news that typically negatively impacts Bitcoin price $7010.62 -0.25%. But surprisingly, it shrugged at the news and has gone bananas as its dominance rate rose to highs not seen since 2017. At the moment, nearly every analyst is screaming “bull market” and making calls for what they believe the new all-time high will be. Friday and Saturday’s amazing run firmly brought Bitcoin above $6,000 to the previous resistance zone where $6,800 and $7,300 held before the November 2018 40%+ correction and the icing on the cake was a quick blow off to $7,500. A number of crypto analysts have also pointed out that while Bitcoin has gone parabolic, the parabola has broken as the digital asset has not set a higher high after reaching $7,581? It should also be noted that Bitcoin’s lightning quick ascension took place with few retracements and a pullback. In other words, consolidation could be imminent. Bears are also likely closely eyeballing the current price action to establish short positions right at the current top so traders should exercise care and not FOMO into a position or play the upcoming retraces without some sort of stop loss. The weekly RSI has entered the overbought zone and as other analysts like Dave the Wave have pointed out, the MACD is more extended now that it was during the peak of the 2017 bull run. BTC-USD DAILY CHART The daily chart shows that the RSI crossed 85.3779, which is the point that traditionally marked a trend change in BTC price. BTC/USD first topped a$7,489 at this threshold was crossed and then ran a little further to $7,581 before cooling off and entering what is likely to be a period of consolidation. Going into the weekly close, BTC looks set to close above the $6,300 if not the $7,300, which most traders believed would pose significant resistance. According to the daily and weekly chart, $8,165, $8,200 and $8,500 are the next levels which could pose resistance for BTC to overcome. The general consensus is that after such an amazing run BTC needs to either consolidate and regain strength or retrace to previous supports as the RSI, MACD, and Stoch are becoming overextended on the daily timeframe. BTC-USD 4-HOUR CHART Traders looking to catch the dip might set alarms at $5,900, $5,500, and $5,100 in order to play oversold bounces and following bull crosses on the hourly, 4hr, daily and weekly MACD seems to be the best method for putting traders into profit. At the time of writing the 4-hr chart shows the MACD nearing a bearish cross and the RSI remains in bullish territory. BTC has pulled back to nearly rest on the 20 MA of the Bollinger band indicator at $6,660. A drop below the 61.8% Fib retracement level ($6,586) is where things could get interesting. Traders should also keep an eye on the BTC-USD Longs to Short ratio and BTC-USD shorts in general as bears are likely to set up positions at the recent top and additional rejection points like $7,000.

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