The largest cryptocurrency exchange by volume, Binance, acquires Gopax, a fellow cryptocurrency exchange based out of Korea.
- According to Decenter’s article, Binance has completed due diligence to buy back 41.2% of Gopax shares from the exchange’s largest shareholder, CEO Lee Jun-Haeng.
- This is considered Binance’s attempt to attack the Korean market. Earlier in 2020, Binance announced to close of Binance KR because of the low user base and inability to meet the legal requirements at the Land of Kimchi. Changpeng Zhao has learned from the previous failure instead of creating its own platform, it now chooses to acquire Gopax to meet legal needs and have an established user base.
See Related: Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes
- The acquisition of Gopax is also a step in the Chinese-origin CEO’s ambition for Asian hegemony, knowing that in the last two months of 2022, Binance also bought two exchanges of Sakura Exchange BitCoin of Japan and Tokocrypto of Indonesia.
- The move of Korean investors when knowing this news is not clear. Some investors are optimistic that Binance’s actions will help Gopax surpass the exchange Ubit, which holds 80% of the market share in this Korea. Others think Binance will cause chaos in the Korean market by adding new spot trading pairs. The rest think that this action of Binance is completely meaningless when comparing the market share Gopax has to its competitors.
See Related: What Is Binance Coin (BNB)?
