Binance is in “early-stage discussions” about its stake in South Korean cryptocurrency exchange GOPAX.
The world’s largest crypto exchange by trading volume acquired a majority stake in GOPAX in February 2023, re-entering a market it had vacated two years previously.
South Korea news outlet News 1 on Tuesday said Binance will announce the reduction of its stake in GOPAX “within a month or two,” citing Steve Young Kim, director of Binance’s Asia-Pacific region.
“We are in early-stage discussions about our stake in GOPAX,” a Binance spokesperson told CoinDesk by email. “As it’s still preliminary, we can’t share more details at this time.”
South Korea’s Financial Services Commission (FSC) proposed new rules geared toward consumer protection at the end of last year, which would provide statutory grounds for sanctions, including criminal penalties, “to punish unfair trading activities using virtual assets.” They would also require exchanges to monitor abnormal transactions and alert the regulator when appropriate.