Binance returns to the Korean cryptom market - invests in the battered Gopax Stock Exchange - exchanges
Binance returns to the Korean cryptom market - invests in the battered Gopax Stock Exchange - exchanges
Binance has returned to the South Korean cryptocurrency market after two years with a "meaningful" investment in a local, licensed crypto tour. After the collapse of the crypto exchange FTX and the bankruptcy application of the crypto loan, Genesis Global got into trouble.
Binance invested in ailing Korean crypto exchange
The Binance cryptocurrency exchange announced on Friday that it invested in Gopax, a licensed crypto tour in South Korea. The investment marks the return of Binance to the Korean cryptom market, which the company had left two years ago due to the low use and low trade volume.
In November last year,gopax stopped "as a result of the upstream challenges of Genesis Global Capital LLC", the withdrawal of capital and interest payments from his decentralized financial service (Defi) "Gofi". "Since then, Gopax has been working closely with local regulatory authorities and industrial partners to collect donations to make affected users healthy again." The global crypto exchange explained:
As part of this transaction, Binance Gopax will give capital with the aim of fully securing the payment requirements of all potential GOFI users against all deposits, including interest.
The GOFI products are provided by his partner Genesis Global Capital, a subsidiary of the Digital Currency Group (DCG), as Gopax previously explained. Genesis Held repayments and new credit spout General Global Trading in November after the collapse of the crypto exchange FTX.
The crypto lender Consolidation in January after a complaint from the US Securities and Exchange Commission (sec) with the allegation that the company is not Registered securities offered and sold to private investors. The parent company of Gopax, Streami Inc., is listed globally in the bankruptcy application as one of the 10 largest known creditors.
According to the Chief Business Officer von Binance, Yibo Ling, the company has taken over a “significant” participation in Gopax, but the conditions of the transaction were not announced.
Binance wants to help reconstruction of the Korean crypto and blockchain industry
The participation of Binance in Gopax is part of it Restoration of the industry (IRI), which was launched in November last year after the collapse of the crypto exchange FTX and the bankruptcy applications of several crypto companies.
With indication that the initiative was created, "to support promising companies that have been negatively influenced by the events of the past year," emphasized Binance CEO Changpeng Zhao (CZ):
We hope that this step with Gopax will continue to build the Korean crypto and blockchain industry.
The two crypto exchanges will also work closely together, "to improve the user education and blockchain awareness through the Binance Academy," adds the announcement of Friday and comes to the conclusion that Binance has committed to work with local regulatory authorities and interest groups to explore how it can use "its technology and liquidity to support the local Ecosystem. “
The South Korean government announced this week that it will be adopted monitoring tool to check regularly with crypto-assets.
What do you think about the re -entry of Binance into the Korean cryptomarkt? Let us know in the comment area below.
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